General Electric Co’s profit fall

General Electric Co's quarterly earnings topped Wall Street expectations, as it kept costs in line despite sluggish demand for jet engines, railroad locomotives and other heavy equipment. The largest US conglomerate said on Friday that fourth-quarter profit attributable to common shareholders fell 19 per cent to $2.94 billion, or 28 cents per share, from $3.65 billion, or 35 cents per share, a year earlier. Analysts on average expected profit of 26 cents per share, according to Thomson Reuters I/B/E/S. Revenue fell 10 per cent to $41.44 billion. Wall Street had looked for revenue of $40.02 billion. GE shares eased 1 per cent to $15.85 in pre- market trading. Chief executive Jeff Immelt said the company's 2010 financial 'framework,' which calls for 2010 earnings to be about equal to 2009 results, 'quite achievable.' The world's biggest maker of jet engines and electricity-producing turbines has been hit hard by the worst economic downturn since the Great Depression and is working to scale back its hefty GE Capital finance arm, which has invested heavily in commercial real estate. Profit was down at all GE units except for its energy infrastructure arm, which makes turbines and equipment used in oil and gas production. This will be a year of significant portfolio changes for GE. The company reached an agreement last month to sell a majority stake in its NBC Universal media business to top US cable operator Comcast Corp. GE officials expect that deal — which needs regulatory approval — to close late this year.