GE reports strong profits off growing aviation sales

GE chief executive Jeff Immelt announced the results

General Electric (GE) reported better than expected profits for the third quarter, stemming from jet engine and power turbine sales.

GE revenue was $31.7bn (£20.5bn), down from $32.1bn last year, but helped by higher operating profits.

GE reported a 4% revenue growth in the third quarter, despite seeing mechanical orders drop by 26%.

The aviation sales offset declines from oil and gas segments caused by low prices globally.

Shares of the US conglomerate were up close to 2% in New York just before midday.

The stock had seen gains throughout the month, following the announcement that activist investor Nelson Peltz owned a $2.5bn stake in the company.

The earnings season has been somewhat disappointing, with big names such as JP Morgan and Wal-Mart coming out lower than expected.

GE has been selling its financial businesses in an effort to move away from the banking market and its tight regulations.

GE chief executive Jeff Immelt said effort to bring the business back in line with its industrial roots was happening at an "unprecedented pace".