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Power and water business weighs on General Electric earnings

A General Electric GEnx aircraft engine.
Chris Ratcliffe | Bloomberg | Getty Images

General Electric on Friday said third-quarter profit fell as revenue dropped in its power and water business, which makes a variety of turbines.

Net income fell to $3.19 billion, or 31 cents per share, from $3.49 billion, or 33 cents per share, a year earlier.

Excluding items, the company posted earnings of 36 cents a share on revenue of $35.7 billion.

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Analysts had expected the company to report earnings excluding items of 35 cents a share on $35.96 billion in revenue, according to a consensus estimate from Thomson Reuters.

GE shares moved higher in pre-market trading following the report. (Click here to get the latest quote.)

By Reuters. CNBC contributed to this report.