General Electric Co. reported Friday that its industrial profits fell 8 percent in the fourth quarter, hurt by weakness in divisions catering to the oil and gas industries.
Industrial segment operating profit fell to $5.52 billion, from $5.99 billion a year earlier.
Total profit jumped 22 percent to $6.28 billion, or 64 cents per share, from $5.15 billion, or 51 cents per share. Total revenue rose 1.4 percent to $33.89 billion.
Adjusted earnings of 52 cents a share beat the average analyst estimates of 49 cents a share, according to Thomson Reuters I/B/E/S.
Shares fell 1.7 percent to $28.10 in early trading.
The results showed the impact of falling energy prices on GE's large oil and gas business. Total industrial revenue fell 1 percent in the quarter, pulled down by a 16 percent drop in oil and gas revenue. That was offset by 5 percent growth in aviation revenue and a 20 percent rise in energy management revenue, GE said.
The results also were colored by a host of one-time factors, including closing the purchase of Alstom SA's power business, separating GE's renewable-energy business from the power segment, a breakup fee for the failed sale of its appliance business to Electrolux AB and other restructuring costs, GE said.
GE recently announced it is moving its corporate headquarters to Boston.