General Electric profits climbed 13% in the second quarter as the conglomerate refocuses on its core businesses of energy and heavy industry.
GE’s posted earnings of 35 cents a share ($3.55 billion) are up from 31 cents a share a year ago. Operating earnings climbed from 36 cents a share to 39 cents a share.
“GE had a good performance in the quarter and in the first half of 2014, with double-digit industrial segment profit growth, 30 basis points of margin expansion, and nearly $6 billion returned to shareholders,” said GE Chairman and CEO Jeff Immelt in a statement. “The environment continues to be generally positive.”
The news signals the success of GE’s strategy of shedding non-core businesses, like the media giant NBCUniversal, and doubling down on its energy and industrial portfolio. Last quarter, the French engineering titan Alstom agreed to sell its Power and Grid business that builds and services power plants and transmission grids.
More Must-Reads From TIME
- What Student Photojournalists Saw at the Campus Protests
- How Far Trump Would Go
- Why Maternity Care Is Underpaid
- Saving Seconds Is Better Than Hours
- Welcome to the Golden Age of Ryan Gosling
- Scientists Are Finding Out Just How Toxic Your Stuff Is
- The 100 Most Influential People of 2024
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com