Thursday, April 21, 2011

Obama's Billionaire Buddies Getting Richer

A shame these folks aren't paying their fair share, isn't it? They pay zero taxes and rake in 77% profit. It really pay to be one of Obama's pals, doesn't it?
General Electric Co.'s first-quarter earnings rose 77%, helped by marked improvement at its GE Capital business, as the conglomerate's revenue rose.

The company also boosted its quarterly dividend by a penny to 15 cents. It's the third time in the past year that GE has increased its dividend. Many companies have been boosting dividends, looking to give cash back to shareholders as the need to hoard it wanes amid an improved economy.

Shares were up 3.7% to $21.15 premarket. As of Wednesday's close, the stock had risen 12% so far this year.

"GE Healthcare, Transportation and Aviation delivered strong results," said Chairman and Chief Executive Jeff Immelt. "Strategic investments in high-growth segments have strengthened the company's energy portfolio and position that business to return to growth in the second half of this year."

Mr. Immelt also noted that the company ended the quarter with a record high backlog, totaling $177 billion.

GE has seen core earnings improve in recent quarters, helped by better demand and restructuring efforts. The company's revenue has increased, while it has cut costs and benefited from better tax rates. It recently completed its deal to spin off a 51% stake of NBC Universal to Comcast Corp.
Remember, they paid zero federal taxes. Hope all you Obama supporters get out there to protest them.

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