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General Electric profit misses consensus by 16.5% in Q3

General Electric Co. said its third-quarter normalized net income came to 22 cents per share, compared with the S&P Capital IQ consensus estimate of 26 cents per share.

EPS increased 8.1% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.21 billion, an increase of 8.7% from $2.03 billion in the year-earlier period.

The normalized profit margin declined to 4.8% from 6.3% in the year-earlier period.

Total revenue decreased year over year to $31.68 billion from $32.11 billion, and total operating expenses decreased from the prior-year period to $27.77 billion from $28.64 billion.

Reported net income totaled $2.85 billion, or 28 cents per share, compared with $2.83 billion, or 28 cents per share, in the prior-year period.