HARTFORD, Conn. (AP) – General Electric Co. said Friday its profit rose 6 percent in the third quarter as a strong performance in its infrastructure and appliance businesses offset weakness in its NBC Universal operations.

The earnings results for the company, whose products range from light bulbs to power generation turbines and TV programs, matched Wall Street expectations and revenue came in ahead of expectations.

But GE shares fell 24 cents, or 0.66 percent, to $35.98 at close of trading Friday on the New York Stock Exchange. The stock had traded between $32.06 and $36.48 over the previous 52 weeks.

Citigroup analysts said they were disappointed that margins were below the levels forecast in four of six reporting segments. Nonetheless, they said in a report “the company is executing well in a tough environment.”

GE is the world’s second-largest company by market value behind Exxon Mobil Corp.

GE reported it earned $4.96 billion, or 48 cents per share, in the three months ended Sept. 30 compared with $4.68 billion, or 44 cents per share, a year ago.

Profits rose 24 percent in the infrastucture business which includes aviation, rail and water treatment products and 10 percent in its industrial business which includes appliances. But profits fell 10 percent at NBC Universal which owns the NBC television network.

The overall results included a loss from discontinued operations of $100 million and adjustments related to the Genworth and GE Insurance Solutions divestitures and the results of GE Life, which is in the process of being sold.

Earnings from continuing operations were 49 cents per share, which matched the consensus estimate of analysts surveyed by Thomson Financial.

Revenue climbed 12 percent to $40.86 billion in the latest quarter from $36.37 billion a year ago. Analysts had forecast sales of $39.78 billion.

GE chairman and chief executive Jeff Immelt said during a conference call with analysts that the company is pleased by the strength of its infrastructure and consumer segments.

He noted total orders across the company are up 15 percent with a 21 percent year-to-date increase in the backlog of orders.

“The markets for our products and services still remain very strong,” he said. “We like what we see for year-end 2006 and going into 2007 … All of the key performance metrics continue to be very solid for the company.”

Despite its lower third-quarter profit, Immelt said NBC is rebounding and “well-positioned in the fourth quarter of 2006 and into 2007.”

He cited an increase in its prime time ratings and an expectation that NBC will finish the fourth quarter on a financial upswing.

He called GE’s plastics segment “the business we really need to remain focused on,” noting that higher-than-expected commodities prices pushed down margins in that segment.

For the first nine months of the year, GE earned $14.1 billion, or $1.36 a share, versus $13.3 billion, or $1.25 a share, a year ago. Nine-month revenue rose to $118.6 billion from $107.3 billion a year earlier.

Some analysts said Friday that they viewed the organic growth and the growth in orders as positive news for GE. Organic growth does not typically include results from new businesses acquired in the period.

“On the positive side, large equipment and services orders and backlogs were again up meaningfully, and this increases visibility into ’07,” said analyst Christopher Glynn of CIBC World Markets in New York.

However, some analysts noted Friday that GE’s earnings were buoyed by its lowered tax rate, a factor potentially affecting the share price. Questions also were raised about why the company’s 12.3 percent revenue growth did not translate to a profit higher than the 6 percent reported Friday.

GE said in July that it intends to sell its electrical products distributor to Rexel Inc., based in France, for $725 million.

It also acquired a significant interest in Thailand’s Bank of Ayudhya and, in June, announced intentions to team with Credit Suisse Group in a $1 billion project to invest in infrastructure projects worldwide.

That joint venture, in which the companies will invest $500 million each, is intended to develop and finance utility work such as power generation and transmission projects, water projects, and gas storage and pipelines.

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