UPDATE: GE Posts Upbeat Q1 Profit

General Electric Co

reported an 11.6% drop in its first-quarter profit. GE's quarterly net income fell to $3.03 billion, or $0.29 per share, from $3.43 billion, or $0.31 per share, in the year-ago period. Excluding one-time items, GE earned $0.34 per share, versus analysts' estimates of $0.33 per share. Its revenue came in at $35.18 billion, versus anslysts' estimates of $34.7 billion. GE shares closed at $19.14 yesterday.