GE (GE) results are nothing to write home about

GE's (NYSE: GE) earnings from continuing operations were $5.1 billion, up 7% from $4.7 billion in third quarter 2006. Continuing revenues grew 12% to $42.5 billion. Operating profits lagging sales growth is never a good thing.

The company's largest unit, infrastructure, had a revenue improvement of 19% to $14.5 billion. But its segment operating income was up only 12% to $2.6 billion. The company's big commercial finance unit had a similar problem. Revenue advanced 17% to $7 billion, but operating profit rose only 12% to less than $1.5 billion.

GE's industrial unit continues to go nowhere. Revenue was flat at $6.2 billion. Segment profit was up 6% to $513 million.

While GE Money made a big move in revenue, up 23% to $6.2 billion, profits rose a more modest 13%.

As Reuters pointed out, GE met "Wall Street's expectations and boosted by demand for heavy equipment like gas turbines and jet engines, as well as strong activity at its financial units."

But anyone expecting a break-out quarter will be disappointed.

Douglas A. McIntyre is a partner at 24/7 Wall St.