General Electric third quarter profits rise 10.8% to $3.5 bn

Industrial conglomerate General Electric reported higher earnings for the third quarter Friday, with especially strong profit gains coming in its aviation and oil and gas divisions.

GE scored a 10.8 percent increase in third-quarter net income to $3.5 billion, as chief executive Jeff Immelt pointed to "significant" profit margin increases in its industrial businesses.

"The environment is volatile, but infrastructure growth opportunities exist, and GE is executing well," Immelt said.

GE, often seen as an indicator of the broader economy because of its broad range of businesses, notched revenue gains in five of seven industrial segments.

Among the larger industrial divisions, the strongest profit gains came in oil and gas (+27.2 percent) and aviation (+15.9 percent). Profits fell 7.6 percent in power and water.

GE said its acquisition of French industrial giant Alstom's power and grid business remains on track to close in 2015.

GE's results translated into operating earnings per share of 38 cents, a penny above analyst expectations.

Revenues edged up 1.4 percent to $36.17 billion, under the $36.79 billion projected by analysts.

Dow member GE's shares jumped 3.7 percent in pre-market trade to $25.15.