GE reports loss due to charge; industrial profits up

General Electric reported a loss Friday for the second quarter due to restructuring costs, although profits from industrial businesses rose.

General Electric reported a loss Friday for the second quarter due to restructuring costs, although profits from industrial businesses rose.

GE reported a loss of $1.36 billion for the quarter ending June 30, compared with a profit of $3.54 billion a year ago. 

Revenues rose 1.5 percent to $32.75 billion.

The loss follows GE`s announcement this month that it would take a $4.3 billion charge related to a plan to sell most GE Capital businesses in order to focus on industrial segments.

"The environment remains one of slow growth and volatility, particularly in growth markets, while the U.S. is gradually improving," said GE chief executive Jeff Immelt. 

"Our industrial businesses had another quarter of strong earnings-per-share growth."

Operating profits from GE`s industrial segment rose 4.6 percent to $4.36 billion.

Operating profits rose in GE`s top two businesses by revenue: power and water and aviation.

Earnings translated into 31 cents per share, three cents above analyst forecasts.

Dow member GE rose 2.1 percent to $27.61 in pre-market trade.

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