Oil and gas revenue grew the most of any sector, General Electric said Friday, amounting to $4.3 billion for the third quarter of 2013, up 18% from a year ago.
Overall, GE’s revenue was $35.7 billion for the quarter, down 1% from a year ago and slightly below the consensus estimate of $35.9 billion.
But the good news from the oil and gas business cheered Wall Street.
GE’s oil and gas segment profit for the third quarter was $519 million, down from $532 million in the second quarter, but up from $469 million in the third quarter of 2012.
Investors also liked the news Thursday that Warren Buffett’s Berkshire Hathaway will receive 10.7 million shares of GE, worth $260.6 million.
The share grant came through settlement of a $3 billion loan from Berkshire to GE during the 2008 credit crisis.
GE oil and gas has 43,000 employees in more than 100 countries, working from extraction to transportation to end use.
In September, GE named Lorenzo Simonelli, 40, to head the oil and gas equipment business. He’s a rising star within GE and the move was seen as confirmation that GE plans to move away from finance and back into the industrial sector, with a strong focus on oil and gas.
GE stock was up 3.5% Friday, closing at $25.55, near its twelve-month high.