Profits climb at GE Transportation

   April 19, 2013 8:28 am    0

 

GE Transportation continued to more than pull its weight in the first quarter of 2013.

Profits at GE Transportation, which operates its largest manufacturing site in Lawrence Park, rose 15 percent to $267 million during the quarter that ended March 31. That’s according to General Electric Co. earnings announced this morning.

That percentage increase is the third largest among all General Electric business segments, trailing energy financial services and the much smaller home and business solutions business.

Growth in revenues or total sales grew 12 percent from the first quarter of 2012 to $1.4 billion.

The General Electric Co., GE tranportation’s Connecticut-based parent company, reported net income of $3.5 billion on revenue of $35 billion. During last year’s first quarter, GE earned $3 billion on $35.2 billion in revenue.

Today’s earnings report comes as GE Transportation prepares Monday to sit down to a process called decision bargaining with union leaders from the Lawrence Park plant.

The company recently announced it plans to eliminate 950 union jobs and 100 management positions in Lawrence Park. Negotiations are aimed at reducing that number.

 

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