NBC Uni profits rise in Q3
Bright spot for conglomerate General ElectricNBC Universal was a rare star performer for conglomerate General Electric, which reported third-quarter earnings Friday in line with an earnings warning.
GE's profit from continuing operations fell 12% over the year-ago period to $4.5 billion, even though revenue increased 11.1% to $47.23 billion.
NBC Uni's profit rose 10% to $645 million -its eighth straight quarter of gains. Revenue jumped 25% to $5.07 billion at the entertainment arm.
The Olympics contributed more than $1 billion in revenue, with GE executives Friday also lauding "Saturday Night Live," CNBC and its overall cable network operation, as well as blockbuster "Mamma Mia."
GE CFO Keith Sherin warned of a potentially tougher fourth quarter for NBC Uni, highlighting weak local TV advertising trends and signalling national trends were difficult to predict amid the current economic and credit malaise.
For the first nine months of the year, NBC Uni's revenue is up 15% at $12.5 billion, and its profit up 4% at $2.27 billion.