Year-To-Year Comparison Shows Seven Percent Increase In Profit
No matter how you slice it, 2012 was a good year for GE Aviation. The company posted a profit of $3.75 billion over 2011, equating to a seven percent increase.
The fourth quarter was strong as well, with the company's profits increasing 22 percent over the same period in 2011, according to a report appearing in Air Transport World online. The fourth quarter revenues were $5.47 billion, an 11 percent increase.
GE chairman and CEO Jeff Immelt said the company closed out 2012 strong "despite the mixed global economic environment.” He said there is growth in China and other resource-rich countries, but the global environment remains uncertain. But Immelt also said in a statement that the company has its "largest backlog in history and a substantial amount of cash generated by our businesses in the fourth quarter." He said the momentum going into 2013 was "great."
GE also announced the acquisition of Italian aerospace company Avio during 2012. The company said in a statement at the time the $4.3 billion deal was announced that it would "further GE’s participation in jet propulsion, one of the most attractive sectors of the aviation industry."