NEW YORK – General Electric Co. posted increased revenue and profit for the fourth quarter on rising sales in emerging markets, higher banking profit and stronger global sales of aircraft engines and oil and gas drilling equipment.
The company’s shares fell 2.3 percent Friday, though, because GE failed to increase its profit margin as much as it had predicted.
The company’s profit for all of 2013 rose, though revenue fell slightly, as GE continues its transformation from a sprawling conglomerate to a more focused industrial company that builds and services complex equipment such as CT-scanners, locomotives and gas-fired turbines.
GE reported that its net income rose 5 percent to $4.2 billion, or 41 cents per share, for the October-December period on revenue of $40.38 billion. That’s up from $4.01 billion, or 38 cents per share, on revenue of $39.16 billion in the fourth quarter of 2012.
Adjusted to remove the effects of one-time items and discontinued operations, GE earned 53 cents per share in the latest period. That matches what analysts polled by FactSet expected, on average.
But a manufacturing problem that has affected the quality of some wind turbine blades and poor performance by the company’s small energy management division prevented the company from meeting its goal of improving profit margin in its industrial divisions by 0.7 percent. Instead, it improved 0.66 percent.
GE shares fell 62 cents, or 2.3 percent, to close at $26.58 Friday.