Conglomerate’s profit falls

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Friday, July 11, 2003 | 9:50 a.m.

FAIRFIELD, Conn. -- General Electric Co. said today its second-quarter earnings fell about 14 percent to $3.8 billion, although eight of its 13 businesses saw double-digit earnings growth, and lowered the top end of its forecasted range for profit for the full year.

The profit met analyst expectations and amounts to 38 cents per share for the April-June quarter versus $4.4 billion, or 44 cents per share, a year ago.

Difficulties in the plastics division drove much of the reduction in the full-year forecast. Raw materials prices have remained higher than the company expected while the Iraq war and concerns about the SARS virus, especially in China, drove sales volume down.