Revised Q1 U.S. GDP 1.9%; corporate profits fall (by Jeffry Bartash)

(MarketWatch) - The U.S. economy grew 1.9% in the first quarter, unchanged from the government's prior estimate, the Commerce Department said Thursday. In the third and final release of first-quarter GDP, the biggest changes took place in corporate profits, exports and imports. Corporate profits actually fell $6.8 billion - the biggest drop since late 2008 - instead of rising $11.4 billion as previously estimated. Exports, meanwhile, rose a slower 4.2% in the first three months of 2012, down from the prior estimate of 7.2%. And imports climbed a smaller 2.7% vs. the earlier reading of 6.1%. Also, personal consumption expenditures rose 2.5% instead of 2.7% as previously reported. Disposable income climbed a faster 0.7% vs. 0.4%.