GE sees dip in 1Q profit, but industrial revenue rises

NEW YORK (AP) — General Electric Co. reported a slight decrease in its core quarterly profit as the company continues to shed and distance itself from its finance and capital businesses.

The Fairfield, Connecticut-based company has been shedding its financial and capital units over the last few years in an effort to slim down and refocus on its core businesses.

Overall for the period, the company lost $98 million, or 1 cent per share, including costs associated with its financial units.

The company's power unit, which makes power generation technology, saw revenue rise 13 percent to $5.2 billion, while renewable energy products rose 62 percent to $1.67 billion.