By Chelsey Dulaney 

General Electric Co. said growth in its industrial segment again helped drive better-than-expected earnings in its fourth quarter, as the company continues a multiyear shift away from reliance on financial earnings and toward industrial growth.

The industrial conglomerate had warned investors last month that revenue and profit in its oil and gas unit could fall as much as 5% as the industry contracts. GE officials have warned that aggressive cost reductions could be coming.

With a large portion of its sales overseas, GE is also exposed to fluctuations in foreign currency, especially the euro.

"The environment remains volatile, but we continue to see infrastructure growth opportunities," said Chief Executive Jeff Immelt in a news release.

Mr. Immelt is leading GE through a massive portfolio transformation, selling assets that don't fit its image as a global infrastructure company including media, appliances and consumer finance, and investing in ones that do--like oil and gas, power generation and advanced manufacturing.

GE is in the process of splitting off its North American retail finance business, Synchrony Financial, a major step to shrinking GE Capital. At the same time it is bulking up industrial operations with the acquisition of the energy assets of France's Alstom SA--a $17 billion deal slated to close in mid-2015.

For the quarter ended Dec. 31, GE posted earnings of $5.15 billion, or 51 cents a share, up from $3.21 billion, or 32 cents a share, a year earlier. Operating earnings were 56 cents a share.

Revenue climbed 4% to $42 billion.

Analysts polled by Thomson Reuters had expected per-share operating earnings of 55 cents and revenue of $42.16 billion.

Shares rose 0.5% in premarket trading Friday. Distribution of GE's earnings news release was delayed as the company's site appeared to be having technical problems.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

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