GE's profit from continuing ops triples, power profit falls

(Reuters) - General Electric Co's said Friday quarterly profit from continuing operations more than tripled, helped by strength in its aviation and healthcare businesses.

Earnings from continuing operations attributable to GE shareholders rose to $369 million in the first quarter ended March 31, from $122 million a year earlier.

Earnings per share from continuing operations rose to 4 cents from 1 cent, and revenue rose 6.6 percent to $28.7 billion, the company said.

On an adjusted basis, GE earned 16 cents per share, up from a restated 14 cents a share a year earlier. Analysts on average had expected an adjusted 11 cents a share, according to Thomson Reuters I/B/E/S.

GE recently restated 2017 results to reflect changes in accounting standards for recognising revenue.

Analysts had forecast GE's profit to decline in the first quarter and some thought Friday's results might fail to meet even those diminished expectations.

But the company's aviation, transportation and healthcare businesses produced double-digit profit growth in the quarter, boosting overall results.

Profit at GE's power business fell 38 percent on a 9 percent decline in sales; orders dropped 29 percent.

"The industry continues to be challenging and is trending softer than our forecast," GE said of the power business.

Profit in GE's oil and gas unit fell 30 percent, excluding restructuring and other charges, GE said.

(Reporting by Alwyn Scott in New York and Rachit Vats in Bengaluru; Editing by Saumyadeb Chakrabarty and Nick Zieminski)