GE has reported profits of $2.5bn in the third quarter of 2009, which marks a 45% decline from $4.5bn in the same quarter last year.
GE reported $37.8bn in revenues, which is a drop of 20% due to capital reduction, a decline in industrial organic sales, due to the impact of currency exchange rates.
An 11% growth in energy infrastructure and 149% growth in the consumer and industrial segments were more than counterbalanced by an 87% earnings drop in capital finance and an 8% earnings drop in technology infrastructure, the company said.
The company reported $18.4bn worth of infrastructure orders, a decline of 18% year-over-year, and an increase of $0.5bn over the previous quarter. The company’s total backlog amounted to a record high of $174bn.
Cash generated from GE Industrial operating activities in the initial nine months of 2009 amounted to $11.5bn, a 1% increase from $11.3bn in 2008.
The company continued to adopt aggressive cost cutting measures in Q3 with restructuring and other items amounting to $0.6bn after tax, or $0.05 per share, bringing year-to-date restructuring and other items to $1.3bn after tax, or $0.12 per share, GE said.
The EU could formally announce the awards as early as 16 November, according to Davies.