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The Boston Globe

Business

Mass. Movers

GE results pulled down by European crisis

GE has units in Billerica, Lynn, and Avon, Mass.

Associated Press/File

GE has units in Billerica, Lynn, and Avon, Mass.

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General Electric’s first quarter results were dragged down by deteriorating economic conditions in Europe. CEO Jeff Immelt said he expected results in Europe to be bad in the quarter — and they were worse. Revenue from the region fell 17 percent compared with last year. GE’s net income of $3.5 billion, or 34 cents per share, vs. $3 billion, or 29 cents, a year earlier. Adjusted earnings were 35 cents per share. That matches what analysts surveyed by FactSet expected.

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