General Electric Co. posted higher revenue and net income for the fourth quarter, but was held back from even better results by a sputtering performance from its expanding oil and gas division. GE reported net income of $5.15 billion, up from $3.21 billion in the same quarter last year. Adjusting to remove the effect of one-time items, the company reported a 4 percent gain in net income, to $5.64 billion. Revenue rose 4 percent to $42 billion in the period but fell short of the $42.4 billion expected by analysts, according to Zacks. GE reported progress in trimming expenses and increasing profit margins as it works to reshape itself into a more focused industrial conglomerate. GE has been shrinking its banking division and shedding other operations, while acquiring other industrial companies.