Steel Products Prices North America

GE Off to Strong Start in Q1

Written by Sandy Williams

General Electric reported today that the beginning of 2014 is off to a good start. Profits from its industrial segment rose 12 percent to $3.3 billion in the first quarter of 2014. Double digit growth was seen in five of its nine growth regions. Infrastructure orders were valued at $23.7 billion, flat with the same period in 2013.

Revenue was down 3 percent for the appliances and lighting segment, at 1.857 billion. Appliances revenue fell 3 percent and was attributed to weather-related pressure.

Transportation revenue was down 14 percent to 1.227 billion but showed strength in orders for North America locomotives and kits for South Africa. Transnet placed an order valued at $0.7 billion for 233 Evolution series locomotives. Revenue for mining off-highway vehicles fell 76 percent and transportation equipment revenue was down 20 percent.

Aviation revenue grew 14 percent driven by higher engine shipments. During the quarter GE received an order from AirFrance-KLM for 37 FEnx engines, valued at $1.7 billion, for Boeing 787.

Revenue for equipment in power & water and oil & gas rose 41 percent each, offsetting declines in other segments for a total increase in equipment revenue of 12 percent.

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