• by David Goetzl  @dgoetzl, April 14, 2006

In January, GE's CEO Jeff Immelt said the Torino Olympics would "about break even" in the first quarter. They did far worse, losing some $70 million.

Despite the loss, GE executives said yesterday that the Olympics would be "slightly profitable" for the year on the backs of affiliate contributions.

Immelt had predicted the Games would generate $650 million to $750 million in the first quarter--and they came in on the lower end, accounting for $684 million.

"I still like the Olympics," he said. "I think Torino was a tough venue--a tough set of dynamics."

One advantage NBC will have when it carries the Beijing Summer Games in August 2008 is the lack of competition from Fox's "American Idol," which outdrew the Torino coverage.

The Torino results--a disappointment for NBC, which had offered bullish forecasts on ad revenue and profitability--were announced in GE's first-quarter earnings call with analysts.

Beyond the Olympics, NBC continues to struggle, as GE's NBC Universal unit saw first-quarter profits drop 8 percent to $654 million (still more than GE's health care and industrial units). Immelt said: "We continue to turn around NBC prime-time performance." Still, the network remains mired in fourth place with ratings in the key 18-to-49 demo down 8 percent this season.

GE's CFO Keith Sherin said the company is "confident" in NBC's position heading into the upfront. "We have spent a lot of time on development and we feel good about the process, the team, and the shows that we have got lined up," he said.