Earlier today GE Transportation reported $1.3 billion in third-quarter revenues, up 48% year-over-year. Segment profits for the same period were $196 million, up 94% compared to third-quarter profits in 2010.
GE Transportation received $1 billion of orders in the third quarter, down 28% due to non-repeat multi-year orders last year. GE Transportation’s performance was driven by an increase of orders for mining equipment, drill motors, parts and services.
“We have stayed the course of double-digit growth in the third quarter as a result of dynamic infrastructure developments around the world,” said Lorenzo Simonelli, President and CEO of GE Transportation. “We are making major investments to expand our manufacturing footprint and build capacity in the rail, mining and related industries. We continue to shape the future of the transportation industry in order to better serve our customers.”
GE Transportation recently announced an investment of $231 million in its manufacturing facilities in Erie, Penn., and Fort Worth, Texas to meet accelerating domestic and global demand. It also announced it would fill approximately 490 U.S. jobs by the end of 2011. The business plans to build a new mining equipment plant adjacent to its new locomotive and transportation-related manufacturing site in Fort Worth were announced in May.
See the official press release here.