Posted on 07/22/2011 4:54:00 AM PDT by tobyhill
General Electric, considered to be a bellwether for the industrial sector, reported second-quarter earnings Friday that topped analyst estimates.
The Fairfield, Conn.-based industrial conglomerate logged earnings of $3.7 billion, or 34 cents per share, up 17% from a year earlier.
Analysts polled by Thompson Reuters had been expecting GE (GE, Fortune 500) to report earnings per share of 32 cents.
"With our fifth consecutive quarter of double-digit earnings growth, we continue to execute in a volatile environment," GE CEO Jeff Immelt said in a statement.
Immelt attributed the growth to strong results from GE Capital, as well as the company's healthcare, oil and gas, transportation and aviation divisions.
Overall revenue came in at $35.6 billion, exceeding expectations of $34.7 billion. But revenues were down 4% from the same period last year. The company attributed the slide to a loss of revenue from its NBCU division, which has been sold.
(Excerpt) Read more at money.cnn.com ...
This must be the crony capitalism obama and the libs accuse the republicans of.
Disgusting!! EBERYONE and EVERY company needs to pay SOME taxes!!!
GE is a big Obummer supporter so the media doesn’t whine about them not paying taxes. If they were supporting Republicans there’d be a continual barrage of attack stories. For Democrats who love to tax everyone and everything not being outraged at GE’s lack of tax contribution is further proof of their double-standards.
GE jets
Corporations should not pay any income tax because the corporation’s shareholders already pay tax on the corporation’s income. The shareholders pay tax on the corporation’s earnings when they get dividends. Those earnings should not be taxed twice. Many countries give corporations a “dividends paid” deduction so that corporation income is not taxed twice.
This IS crony capitalism, a classic example.
It’s not so much that GE isn’t paying taxes, it’s that unelected Jeff Immelt has gained immense power over YOUR personal life by ingratiating himself with Obama and his thugs.
It’s good to be in with the F&F crowd, you know, the “fascist favorites”...GM, GE, Google, Goldman Sachs, etc.
Its good to be pals with the King.
Where I come from, we call it "Fascism."
So much for Obama’s idea of increasing taxes on evil companies,oh wait it’s one of his pals so it’s ok.
Ain’t loop holes drand?.
Knowing what they paid when Bush was President might settle some hearts. Somehow I think GE is an equal opportunity tax loophole finder.
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