Revenues were down, but profits were up in the final three months of 2012 at GE Transportation.
The Erie-based business, which General Electric Co. Chairman Jeff Immelt honored as the GE business of the year in 2012, reported this morning that profits for the fourth quarter rose 12 percent to $252 million. Revenues for that period were off 7 percent to $1.36 billion.
Annual revenues for the transportation business were up 15 percent to $5.6 billion. Profits soared 36 percent to top $1.03 billion.
Meanwhile, the General Electric Co., GE Transportation’s parent company, reported that net income rose 8 percent in the fourth quarter as earnings improved in all industrial segments.
The Connecticut-based company reported net income of $4 billion on revenue of $39.3 billion for the quarter. Last year during the same period, the company earned $3.7 billion on sales of $38 billion.