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.

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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