General Electric Co reported an 18 percent profit rise that met Wall Street's expectations, helped by strong revenue growth in key foreign markets including Brazil, Russia and China.Notice they're not navigating the moribund Obama economy.
The largest U.S. conglomerate said on Friday it expects earnings to rise at a double-digit percentage rate next year, following peer United Technologies Corp in trying to assuage investors' fears about Europe's brewing debt crisis.
"We continue to successfully navigate a volatile global economy," Chief Executive Jeff Immelt said in a statement.
Meanwhile, Obama mascot Warren Buffett also cashed in. Ka-ching!
The results included an 8-cent-per-share charge to buy back the preferred shares the company had sold to Warren Buffett's Berkshire Hathaway Inc during the financial crisis.
Buying back the Buffett stake, which carried a preferred dividend, will boost GE's annual earnings by 3 cents per share in the coming years.