GE revenues exceed expectations

Suzie Neuwirth

General Electric today announced a better than expected performance in the first quarter, thanks to buoyant sales in aviation and energy.

The global jet engine and electric turbine producer said that revenues had increased to $35bn (£23bn), slightly higher than the $34.51bn figure analysts had predicted. The news will alleviate fears of a decline following a recent report which said that US factory activity had slowed during the quarter.

Chief executive Jeff Immelt said that sales to aviation customers had increased 47 per cent and sales to energy customers had risen 24 per cent in the quarter.

However, European sales had been weaker than anticipated but were mitigated by better performance in emerging markets.

The New York-listed engineering giant said it plans to cut costs by $1bn this year in order to offset weak sales.