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General Electric Q3 revenue fell 1.3 percent to $31.68 billion

Staff writer ▼ | October 16, 2015
General Electric reported its results for the third quarter. The company posted third-quarter adjusted earnings of 29 cents per share, down from 38 cents a share in the year-earlier period.
General Electric
General Electric   Adjusted earnings were 29 cents per share
Revenue fell 1.3 percent to $31.68 billion, weighed by a 16 percent slump in its segment supplying equipment and services to oil and gas customers, which has been hurt by weak crude prices.

Revenue in its aviation segment increased 5 percent, while revenue in its power and water division, its biggest segment, grew 1 percent.

GE said plans to exit its financial businesses are ahead of schedule and it expects its GE Capital unit to yield dividends of about $3 billion in 2015.

GE said it expects to launch a share exchange for Synchrony next week, which will allow it to significantly reduce the amount of GE stock outstanding. That initiative, along with the dividend from GE Capital, puts the company on track to return about $30 billion to shareholders in 2015, it added.

GE also said it plans to sell $30 billion worth of commercial lending and leasing units to financial firm Wells Fargo.