General Electric reports higher than expected Q1 earnings

General Electric (GE) Company today reported higher than expected Q1 2010 earnings as the economy begins to show signs of recovery.

The company reported total revenue of $36.6-billion, down slightly from $38.4-billion in the same period last year. The company said total profits were $1.87-billion ($0.17 per share) in Q1 2010, compared to $2.75-billion ($0.26 per share) in Q1 2009.

Most of the losses stemmed from the aviation and rail industry as demand for products declined as a result of the credit crisis.

Additionally, the GE Capital division underperformed because of high provisions for loan losses and declines in commercial real-estate properties, however, the unit was still profitable in the quarter despite profits declining 40-percent in the unit from the same period last year.

The company is now optimistic about 2011 and 2012, saying the economy will pick up which will lead GE back to growth.

The General Electric stock (NYSE:GE) closed 2.73-percent down to $18.97 per share today.

GE recently unveiled a new and highly promising product called VScan that allows physicians to instantly look at 4D real-time images of the human body.