updated 7/13/2007 7:43:25 AM ET 2007-07-13T11:43:25

General Electric reported second-quarter profits of $5.4 billion Friday and said it was getting out of the U.S. mortgage business .

Profits for the quarter ending June 30 were up by more than 10 percent from $4.9 billion in the same quarter last year, led by its oil and gas, aviation, energy and commercial finance businesses.

Earnings per share of 52 cents were in line with what analysts expected, according to a survey by Thomson Financial.

Jeff Immelt, chairman and chief executive, said worldwide demand for the Fairfield-based conglomerate's infrastructure products and services is "unprecedented with double-digit revenue and earnings growth."

(MSNBC.com is a joint venture of Microsoft and NBC Universal, which is a GE company.)

Immelt said GE will quit its U.S. mortgage business and sell off $3.7 billion in loans. GE Money had strong growth in revenues and assets and increased its profit by 8 percent, despite losses in the mortgage business, he said.

Revenue for the quarter at GE was $42.3 billion, up from $37.7 billion from the second quarter of 2006.

Immelt said that due to strong orders, GE is forecasting third-quarter earnings per share of between 54 cents and 56 cents, which would be 15 percent to 19 percent greater than profits reported during the same period last year.

Profit at GE's Infrastructure and Commercial Finance businesses grew by 23 percent and 18 percent, respectively.

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