GE Reports 2Q’12 Operating EPS $0.38 +12%; Industrial Segment Revenues of $25B, +9%; Organic Growth +10%; Record backlog of $204B, Orders pricing up 1.2%; GE Capital paid $3B dividend, CFOA year-to-date of $6.8B, +55%
July 20, 2012
FAIRFIELD, Conn.--(BUSINESS WIRE)--
GE (NYSE: GE):
2Q 2012 Highlights -
Ninth consecutive quarter of strong operating earnings growth
-
2Q Operating EPS of $0.38, up 12%
-
2Q Continuing EPS of $0.34, up 3%
-
YTD orders up 8%, 2Q Infrastructure orders, down 1%, up 1% excluding FX
-
Total Revenues of $36.5 billion, up 2%
-
FX negatively impacted revenues by $0.9 billion
- GE Capital revenues down 8% driven by planned shrinkage
-
Executing on our growth strategy
-
Industrial growth market orders up 14%, revenues up 17%
-
Energy segment profit up 15%, Oil & Gas up 11%, Transportation up
58%
- GE Capital earned $2.1 billion, up 31%, returned $3 billion to parent;
Tier One Common at 10.1%
-
No change in company outlook; on track to deliver on double-digit
earnings growth in 2012
GE [NYSE: GE] announced today second-quarter 2012 Operating Earnings of
$4.0 billion, or $0.38 per share, up 7% and 12% respectively from the
second-quarter of 2011. GAAP earnings from continuing operations
(attributable to GE) were $3.7 billion, up 2%, or $0.34 per share, up
3%. Revenues were $36.5 billion for the quarter, up 2%. Industrial
segment revenue grew by 9%, with organic growth of 10%. The strength of
GE’s Industrial portfolio was underscored by strong segment profit
increases in Energy, Oil & Gas and Transportation. The company is
performing well and is on track to deliver double-digit earnings growth
in 2012 for both Industrial and GE Capital segments.
“Today’s results demonstrate that we are executing on our growth
strategy in the midst of a still volatile global economy,” said GE
Chairman and CEO Jeff Immelt. “GE Capital’s strong operating performance
and capital position allowed it to return a $3 billion dividend to the
parent, and our Industrial segments delivered another quarter of
double-digit organic revenue growth. Our strategy to invest in growth
markets is paying off, as we achieved orders expansion in growth markets
of 14% and revenue growth of 17%. We ended the quarter with a record
backlog.”
Infrastructure orders were $23.1 billion, down 1% primarily driven by a
37% decrease in orders for wind turbines. Orders were up 8% on a
year-to-date basis. Total orders performance included: Aviation up 5%
and Transportation up 2%. Orders for the quarter included: GE
Transportation orders for 176 locomotives from railroad customers in
North America, up 28% from second-quarter 2011. In Australia, GE Energy
is supplying 5 Frame 6B gas turbines, 3 SC4 single-flow steam turbines
and 5 heat recovery generators to provide 500 megawatts of installed
power capacity for a combined cycle power plant for the Ichthys
liquefied natural gas (LNG) project. It will enable the facility to
produce more than 8 million tons of LNG each year. In Russia, GE Energy
signed a deal with REP Holding for the assembly of 28 GE MS 5002E gas
turbines.
Total revenues for the quarter were $36.5 billion, up 2%. Revenues were
negatively impacted by $0.9 billion due to FX and further shrinkage of
our GE Capital business. GE’s second-quarter Industrial segment revenues
were $25.0 billion, up 9%. Industrial segment organic revenues were up
10% for the quarter. Industrial growth market revenues were up 17%,
driven by double-digit growth in Australia, Canada, China, Latin
America, the Middle East/North Africa, Southeast Asia and Russia.
Industrial segment profit was up 7% to $3.7 billion and segment
operating profits were strong in Energy Infrastructure and
Transportation, up 13% and 58%, respectively. In addition, pricing on
orders was up 1.2% in total with higher prices in 4 out of 5 businesses.
Energy Infrastructure pricing was up 1.8%. Cash generated from operating
activities was up 55% at $6.8 billion. GE ended the quarter with $74
billion of consolidated cash and cash equivalents.
Immelt concluded, “Our Industrial outlook remains positive. Margins have
stabilized and Energy, Oil & Gas, and Transportation performed very well
with double-digit profit increases. We are confident in our double-digit
EPS growth expectations for 2012 and are raising our operating cash
expectations to $17-19 billion based upon the restart of the GE Capital
dividend.”
Second-quarter Highlights: Second-quarter operating earnings were $4.0 billion, up 7% from
second quarter 2011 and operating EPS was $0.38, up 12% from $0.34 in
the second quarter of last year. GAAP earnings from continuing
operations (attributable to GE) were $3.7 billion, up 2%, or $0.34 per
share, up 3% from the second quarter of 2011.
Including the effects of discontinued operations, second-quarter net
earnings attributable to GE were $3.1 billion ($0.29 per share
attributable to common shareowners) in 2012 compared with $3.7 billion
($0.35 per share attributable to common shareowners) in the second
quarter of 2011. Discontinued Operations included $0.05 per share of
charges primarily related to WMC and GE Money Japan reserve adjustments.
Positive one-time tax items of $0.02 per share were offset by $0.02 per
share of restructuring and other charges.
Second-quarter revenues increased 2% to $36.5 billion. Industrial
sales of $25.1 billion increased 9% versus the second quarter of 2011.
GE Capital (GECC) revenues of $11.5 billion decreased 8% from last year,
driven by lower assets in-line with plan.
Cash generated from GE operating activities in the first six
months of 2012 totaled $6.8 billion, up 55% from $4.4 billion last year.
Cash generated from GE Industrial operating activities in the first six
months of 2012 totaled $3.8 billion, down 13% from last year.
The accompanying tables include information integral to assessing the
Company’s financial position, operating performance and cash flow.
GE will discuss preliminary second-quarter results on a Webcast at 8:30
a.m. ET today, available at www.ge.com/investor.
Related charts will be posted there prior to the call.
About GE
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
Caution Concerning Forward-Looking Statements: This document contains “forward-looking statements” – that is,
statements related to future, not past, events. In this context,
forward-looking statements often address our expected future business
and financial performance and financial condition, and often contain
words such as “expect,” “anticipate,” “intend,” “plan,” “believe,”
“seek,” “see,” or “will.” Forward-looking statements by their nature
address matters that are, to different degrees, uncertain. For us,
particular uncertainties that could cause our actual results to be
materially different than those expressed in our forward-looking
statements include: current economic and financial conditions, including
volatility in interest and exchange rates, commodity and equity prices
and the value of financial assets; potential market disruptions or other
impacts arising in the United States or Europe from developments in the
European sovereign debt situation; the impact of conditions in the
financial and credit markets on the availability and cost of General
Electric Capital Corporation’s (GECC) funding and on our ability to
reduce GECC’s asset levels as planned; the impact of conditions in the
housing market and unemployment rates on the level of commercial and
consumer credit defaults; changes in Japanese consumer behavior that may
affect our estimates of liability for excess interest refund claims (GE
Money Japan); pending and future mortgage securitization claims and
litigation in connection with WMC, which may affect our estimates of
liability, including possible loss estimates; our ability to maintain
our current credit rating and the impact on our funding costs and
competitive position if we do not do so; the adequacy of our cash flow
and earnings and other conditions which may affect our ability to pay
our quarterly dividend at the planned level; GECC’s ability to pay
dividends to GE at the planned level; the level of demand and financial
performance of the major industries we serve, including, without
limitation, air and rail transportation, energy generation, real estate
and healthcare; the impact of regulation and regulatory, investigative
and legal proceedings and legal compliance risks, including the impact
of financial services regulation; strategic actions, including
acquisitions, joint ventures and dispositions and our success in
completing announced transactions and integrating acquired businesses;
the impact of potential information technology or data security
breaches; and numerous other matters of national, regional and global
scale, including those of a political, economic, business and
competitive nature. These uncertainties may cause our actual future
results to be materially different than those expressed in our
forward-looking statements. We do not undertake to update our
forward-looking statements.
| GENERAL ELECTRIC COMPANY | | Condensed Statement of Earnings | |
| | |
| | |
|
| |
|
| | |
| | |
|
| |
| | |
| | |
|
| | | | | | | | | | | | | | | | | | | | | | | Financial | | | Consolidated | | | GE(a) | | Services (GECC) | | Three Months Ended June 30 | |
| 2012 |
| |
| 2011 |
| |
| V% | | |
| 2012 |
| |
| 2011 |
| | | V% | |
| 2012 |
| |
| 2011 |
| |
| V% | | Revenues and other income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of goods and services
| |
$
|
25,003
| | |
$
|
22,908
| | | |
9
|
%
| | |
$
|
25,138
| | |
$
|
22,961
| | | |
9
|
%
| |
$
|
26
| | |
$
|
42
| | | |
(38
|
)%
| |
Other income
| | |
393
| | | |
624
| | | | | | | |
409
| | | |
676
| | | | | | |
–
| | | |
–
| | | | | |
GECC earnings from continuing operations
| | |
–
| | | |
–
| | | | | | | |
2,122
| | | |
1,615
| | | | | | |
–
| | | |
–
| | | | | |
GECC revenues from services
| |
|
11,105
|
| |
|
12,091
|
| | | | | |
|
–
|
| |
|
–
|
| | | | |
|
11,432
|
| |
|
12,398
|
| | | | |
Total revenues and other income
| |
|
36,501
|
| |
|
35,623
|
| | |
2
|
%
| | |
|
27,669
|
| |
|
25,252
|
| | |
10
|
%
| |
|
11,458
|
| |
|
12,440
|
| | |
(8
|
)%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales, operating and administrative expenses
| | |
27,700
| | | |
25,779
| | | | | | | |
23,249
| | | |
20,761
| | | | | | |
4,787
| | | |
5,279
| | | | | |
Interest and other financial charges
| | |
3,211
| | | |
3,770
| | | | | | | |
351
| | | |
321
| | | | | | |
2,988
| | | |
3,598
| | | | |
Investment contracts, insurance losses and insurance annuity
benefits
| | |
662
| | | |
746
| | | | | | | |
–
| | | |
–
| | | | | | |
702
| | | |
790
| | | | | |
Provision for losses on financing receivables
| |
|
743
|
| |
|
792
|
| | | | | |
|
–
|
| |
|
–
|
| | | | |
|
743
|
| |
|
792
|
| | | | |
Total costs and expenses
| |
|
32,316
|
| |
|
31,087
|
| | |
4
|
%
| | |
|
23,600
|
| |
|
21,082
|
| | |
12
|
%
| |
|
9,220
|
| |
|
10,459
|
| | |
(12
|
)%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings from continuing operations before income taxes | | |
4,185
| | | |
4,536
| | | |
(8
|
)%
| | | |
4,069
| | | |
4,170
| | | |
(2
|
)%
| | |
2,238
| | | |
1,981
| | | |
13
|
%
| |
Benefit (provision) for income taxes
| |
|
(494
|
)
| |
|
(892
|
)
| | | | | |
|
(392
|
)
| |
|
(546
|
)
| | | | |
|
(102
|
)
| |
|
(346
|
)
| | | | | Earnings from continuing operations | | |
3,691
| | | |
3,644
| | | |
1
|
%
| | | |
3,677
| | | |
3,624
| | | |
1
|
%
| | |
2,136
| | | |
1,635
| | | |
31
|
%
|
Earnings (loss) from discontinued operations, net of taxes
| |
|
(553
|
)
| |
|
194
|
| | | | | |
|
(553
|
)
| |
|
194
|
| | | | |
|
(553
|
)
| |
|
195
|
| | | | | Net earnings | | |
3,138
| | | |
3,838
| | | |
(18
|
)%
| | | |
3,124
| | | |
3,818
| | | |
(18
|
)%
| | |
1,583
| | | |
1,830
| | | |
(13
|
)%
|
Less net earnings attributable to noncontrolling interests
| |
|
33
|
| |
|
74
|
| | | | | |
|
19
|
| |
|
54
|
| | | | |
|
14
|
| |
|
20
|
| | | | Net earnings attributable to the Company | | |
3,105
| | | |
3,764
| | | |
(18
|
)%
| | | |
3,105
| | | |
3,764
| | | |
(18
|
)%
| | |
1,569
| | | |
1,810
| | | |
(13
|
)%
| |
Preferred stock dividends declared
| |
|
–
|
| |
|
(75
|
)
| | | | | |
|
–
|
| |
|
(75
|
)
| | | | |
|
–
|
| |
|
–
|
| | | | Net earnings attributable to GE common shareowners | |
$
|
3,105
|
| |
$
|
3,689
|
| | |
(16
|
)%
| | |
$
|
3,105
|
| |
$
|
3,689
|
| | |
(16
|
)%
| |
$
|
1,569
|
| |
$
|
1,810
|
| | |
(13
|
)%
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Amounts attributable to the Company: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings from continuing operations
| |
$
|
3,658
| | |
$
|
3,570
| | | |
2
|
%
| | |
$
|
3,658
| | |
$
|
3,570
| | | |
2
|
%
| |
$
|
2,122
| | |
$
|
1,615
| | | |
31
|
%
|
Earnings (loss) from discontinued operations, net of taxes
| |
|
(553
|
)
| |
|
194
|
| | | | | |
|
(553
|
)
| |
|
194
|
| | | | |
|
(553
|
)
| |
|
195
|
| | | | Net earnings attributable to the Company | |
$
|
3,105
|
| |
$
|
3,764
|
| | |
(18
|
)%
| | |
$
|
3,105
|
| |
$
|
3,764
|
| | |
(18
|
)%
| |
$
|
1,569
|
| |
$
|
1,810
|
| | |
(13
|
)%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Per-share amounts - earnings from continuing operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings per share
| |
$
|
0.34
| | |
$
|
0.33
| | | |
3
|
%
| | | | | | | | | | | | | | | | | | | | |
Basic earnings per share
| |
$
|
0.35
| | |
$
|
0.33
| | | |
6
|
%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Per-share amounts - net earnings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings per share
| |
$
|
0.29
| | |
$
|
0.35
| | | |
(17
|
)%
| | | | | | | | | | | | | | | | | | | | |
Basic earnings per share
| |
$
|
0.29
| | |
$
|
0.35
| | | |
(17
|
)%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total average equivalent shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted shares
| | |
10,611
| | | |
10,639
| | | |
-
|
%
| | | | | | | | | | | | | | | | | | | | |
Basic shares
| | |
10,574
| | | |
10,604
| | | |
-
|
%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Dividends declared per common share | |
$
|
0.17
| | |
$
|
0.15
| | | |
13
|
%
| | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Amounts attributable to the Company: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings from continuing operations
| |
$
|
3,658
| | |
$
|
3,570
| | | |
2
|
%
| | | | | | | | | | | | | | | | | | | |
Adjustment (net of tax): Non-operating pension costs/(income)
| |
|
352
|
| |
|
181
|
| | | | | | | | | | | | | | | | | | | | | | | |
Operating earnings (non-GAAP measure)
| |
$
|
4,010
|
| |
$
|
3,751
|
| | |
7
|
%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Operating earnings – diluted earnings per share
| |
$
|
0.38
| | |
$
|
0.34
| | | |
12
|
%
| | | | | | | | | | | | | | | | | | | |
|
| |
(a) Refers to the Industrial businesses of the Company including
GECC on an equity basis.
| |
|
Dollar amounts and share amounts in millions; per-share amounts in
dollars; unaudited. Supplemental data are shown for “GE” and
“GECC.” Transactions between GE and GECC have been eliminated from
the “Consolidated” columns. See Note 1 to the 2011 consolidated
financial statements at www.ge.com/ar2011
for further information about consolidation matters.
|
|
| GENERAL ELECTRIC COMPANY | | Condensed Statement of Earnings | |
| | |
| | |
|
| |
|
| | |
| | |
|
| |
| | |
| | |
|
| | | | | | | | | | | | | | | | | | | | | | | Financial | | | Consolidated | | | GE(a) | | Services (GECC) | | Six Months Ended June 30 | |
| 2012 |
| |
| 2011 |
| |
| V% | | |
| 2012 |
| |
| 2011 |
| | | V% | |
| 2012 |
| |
| 2011 |
| |
| V% | | Revenues and other income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of goods and services
| |
$
|
48,530
| | |
$
|
44,899
| | | |
8
|
%
| | |
$
|
48,825
| | |
$
|
45,063
| | | |
8
|
%
| |
$
|
56
| | |
$
|
84
| | | |
(33
|
)%
| |
Other income
| | |
950
| | | |
4,249
| | | | | | | |
1,009
| | | |
4,341
| | | | | | |
–
| | | |
–
| | | | | |
GECC earnings from continuing operations
| | |
–
| | | |
–
| | | | | | | |
3,914
| | | |
3,405
| | | | | | |
–
| | | |
–
| | | | | |
GECC revenues from services
| |
|
22,203
|
| |
|
24,804
|
| | | | | |
|
–
|
| |
|
–
|
| | | | |
|
22,844
|
| |
|
25,392
|
| | | | |
Total revenues and other income
| |
|
71,683
|
| |
|
73,952
|
| | |
(3
|
)%
| | |
|
53,748
|
| |
|
52,809
|
| | |
2
|
%
| |
|
22,900
|
| |
|
25,476
|
| | |
(10
|
)%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales, operating and administrative expenses
| | |
53,998
| | | |
51,002
| | | | | | | |
45,286
| | | |
40,989
| | | | | | |
9,408
| | | |
10,572
| | | | | |
Interest and other financial charges
| | |
6,569
| | | |
7,566
| | | | | | | |
666
| | | |
676
| | | | | | |
6,184
| | | |
7,182
| | | | |
Investment contracts, insurance losses and insurance annuity
benefits
| | |
1,399
| | | |
1,482
| | | | | | | |
–
| | | |
–
| | | | | | |
1,473
| | | |
1,559
| | | | | |
Provision for losses on financing receivables
| |
|
1,606
|
| |
|
1,932
|
| | | | | |
|
–
|
| |
|
–
|
| | | | |
|
1,606
|
| |
|
1,932
|
| | | | |
Total costs and expenses
| |
|
63,572
|
| |
|
61,982
|
| | |
3
|
%
| | |
|
45,952
|
| |
|
41,665
|
| | |
10
|
%
| |
|
18,671
|
| |
|
21,245
|
| | |
(12
|
)%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings from continuing operations before income taxes | | |
8,111
| | | |
11,970
| | | |
(32
|
)%
| | | |
7,796
| | | |
11,144
| | | |
(30
|
)%
| | |
4,229
| | | |
4,231
| | | |
-
|
%
| |
Benefit (provision) for income taxes
| |
|
(1,131
|
)
| |
|
(4,834
|
)
| | | | | |
|
(842
|
)
| |
|
(4,059
|
)
| | | | |
|
(289
|
)
| |
|
(775
|
)
| | | | | Earnings from continuing operations | | |
6,980
| | | |
7,136
| | | |
(2
|
)%
| | | |
6,954
| | | |
7,085
| | | |
(2
|
)%
| | |
3,940
| | | |
3,456
| | | |
14
|
%
|
Earnings (loss) from discontinued operations, net of taxes
| |
|
(770
|
)
| |
|
229
|
| | | | | |
|
(770
|
)
| |
|
229
|
| | | | |
|
(770
|
)
| |
|
230
|
| | | | | Net earnings | | |
6,210
| | | |
7,365
| | | |
(16
|
)%
| | | |
6,184
| | | |
7,314
| | | |
(15
|
)%
| | |
3,170
| | | |
3,686
| | | |
(14
|
)%
|
Less net earnings attributable to noncontrolling interests
| |
|
71
|
| |
|
168
|
| | | | | |
|
45
|
| |
|
117
|
| | | | |
|
26
|
| |
|
51
|
| | | | Net earnings attributable to the Company | | |
6,139
| | | |
7,197
| | | |
(15
|
)%
| | | |
6,139
| | | |
7,197
| | | |
(15
|
)%
| | |
3,144
| | | |
3,635
| | | |
(14
|
)%
| |
Preferred stock dividends declared
| |
|
–
|
| |
|
(150
|
)
| | | | | |
|
–
|
| |
|
(150
|
)
| | | | |
|
–
|
| |
|
–
|
| | | | Net earnings attributable to GE common shareowners | |
$
|
6,139
|
| |
$
|
7,047
|
| | |
(13
|
)%
| | |
$
|
6,139
|
| |
$
|
7,047
|
| | |
(13
|
)%
| |
$
|
3,144
|
| |
$
|
3,635
|
| | |
(14
|
)%
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Amounts attributable to the Company: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings from continuing operations
| |
$
|
6,909
| | |
$
|
6,968
| | | |
(1
|
)%
| | |
$
|
6,909
| | |
$
|
6,968
| | | |
(1
|
)%
| |
$
|
3,914
| | |
$
|
3,405
| | | |
15
|
%
|
Earnings (loss) from discontinued operations, net of taxes
| |
|
(770
|
)
| |
|
229
|
| | | | | |
|
(770
|
)
| |
|
229
|
| | | | |
|
(770
|
)
| |
|
230
|
| | | | Net earnings attributable to the Company | |
$
|
6,139
|
| |
$
|
7,197
|
| | |
(15
|
)%
| | |
$
|
6,139
|
| |
$
|
7,197
|
| | |
(15
|
)%
| |
$
|
3,144
|
| |
$
|
3,635
|
| | |
(14
|
)%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Per-share amounts - earnings from continuing operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings per share
| |
$
|
0.65
| | |
$
|
0.64
| | | |
2
|
%
| | | | | | | | | | | | | | | | | | | | |
Basic earnings per share
| |
$
|
0.65
| | |
$
|
0.64
| | | |
2
|
%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Per-share amounts - net earnings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings per share
| |
$
|
0.58
| | |
$
|
0.66
| | | |
(12
|
)%
| | | | | | | | | | | | | | | | | | | | |
Basic earnings per share
| |
$
|
0.58
| | |
$
|
0.66
| | | |
(12
|
)%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total average equivalent shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted shares
| | |
10,608
| | | |
10,640
| | | |
-
|
%
| | | | | | | | | | | | | | | | | | | | |
Basic shares
| | |
10,574
| | | |
10,608
| | | |
-
|
%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Dividends declared per common share | |
$
|
0.34
| | |
$
|
0.29
| | | |
17
|
%
| | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Amounts attributable to the Company: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings from continuing operations
| |
$
|
6,909
| | |
$
|
6,968
| | | |
(1
|
)%
| | | | | | | | | | | | | | | | | | | |
Adjustment (net of tax): Non-operating pension costs/(income)
| |
|
688
|
| |
|
344
|
| | | | | | | | | | | | | | | | | | | | | | | |
Operating earnings (non-GAAP measure)
| |
$
|
7,597
|
| |
$
|
7,312
|
| | |
4
|
%
| | | | | | | | | | | | | | | | | | | |
Operating earnings – diluted earnings per share
| |
$
|
0.72
| | |
$
|
0.67
| | | |
7
|
%
| | | | | | | | | | | | | | | | | | | |
|
| |
(a) Refers to the Industrial businesses of the Company including
GECC on an equity basis.
| |
|
Dollar amounts and share amounts in millions; per-share amounts in
dollars; unaudited. Supplemental data are shown for “GE” and
“GECC.” Transactions between GE and GECC have been eliminated from
the “Consolidated” columns. See Note 1 to the 2011 consolidated
financial statements at www.ge.com/ar2011
for further information about consolidation matters.
|
|
| GENERAL ELECTRIC COMPANY | | Summary of Operating Segments (unaudited) | |
| |
| |
|
| | | | Three months ended June 30 | | | Six months ended June 30 | |
(Dollars in millions)
| |
| 2012 |
|
|
| 2011 |
|
|
| V% | | |
| 2012 |
|
|
| 2011 |
|
|
| V% | | | | | | | | |
| | | | | | | | | |
| | | Revenues(a) | | | | | | | | | | | | | | | | | | | | |
Energy Infrastructure
| |
$
|
11,919
| | |
$
|
10,402
| | | |
15
|
%
| | |
$
|
23,087
| | |
$
|
19,851
| | | |
16
|
%
| |
Aviation
| | |
4,855
| | | |
4,732
| | | |
3
|
%
| | | |
9,746
| | | |
9,100
| | | |
7
|
%
| |
Healthcare
| | |
4,500
| | | |
4,498
| | | |
-
|
%
| | | |
8,800
| | | |
8,588
| | | |
2
|
%
| |
Transportation
| | |
1,565
| | | |
1,231
| | | |
27
|
%
| | | |
2,835
| | | |
2,134
| | | |
33
|
%
| |
Home & Business Solutions
| |
|
2,204
|
| |
|
2,153
|
| | |
2
|
%
| | |
|
4,295
|
| |
|
4,142
|
| | |
4
|
%
| |
Total industrial segment revenues
| | |
25,043
| | | |
23,016
| | | |
9
|
%
| | | |
48,763
| | | |
43,815
| | | |
11
|
%
| | GE Capital | |
|
11,458
|
| |
|
12,440
|
| | |
(8
|
)%
| | |
|
22,900
|
| |
|
25,476
|
| | |
(10
|
)%
| |
Total segment revenues
| | |
36,501
| | | |
35,456
| | | |
3
|
%
| | | |
71,663
| | | |
69,291
| | | |
3
|
%
| |
Corporate items and eliminations(a)
| |
|
–
|
| |
|
167
|
| | |
U
| | |
|
20
|
| |
|
4,661
|
| | |
U
| Consolidated revenues and other income from continuing
operations | |
$
|
36,501
|
| |
$
|
35,623
|
| | |
2
|
%
| | |
$
|
71,683
|
| |
$
|
73,952
|
| | |
(3
|
)%
| | | | | | | | | | | | | | | | | | | |
| | Segment profit(a) | | | | | | | | | | | | | | | | | | | | |
Energy Infrastructure
| |
$
|
1,755
| | |
$
|
1,552
| | | |
13
|
%
| | |
$
|
3,279
| | |
$
|
2,933
| | | |
12
|
%
| |
Aviation
| | |
922
| | | |
959
| | | |
(4
|
)%
| | | |
1,784
| | | |
1,800
| | | |
(1
|
)%
| |
Healthcare
| | |
694
| | | |
711
| | | |
(2
|
)%
| | | |
1,279
| | | |
1,242
| | | |
3
|
%
| |
Transportation
| | |
282
| | | |
178
| | | |
58
|
%
| | | |
514
| | | |
335
| | | |
53
|
%
| |
Home & Business Solutions
| |
|
91
|
| |
|
106
|
| | |
(14
|
)%
| | |
|
157
|
| |
|
180
|
| | |
(13
|
)%
| |
Total industrial segment profit
| | |
3,744
| | | |
3,506
| | | |
7
|
%
| | | |
7,013
| | | |
6,490
| | | |
8
|
%
| | GE Capital | |
|
2,122
|
| |
|
1,615
|
| | |
31
|
%
| | |
|
3,914
|
| |
|
3,405
|
| | |
15
|
%
| |
Total segment profit
| | |
5,866
| | | |
5,121
| | | |
15
|
%
| | | |
10,927
| | | |
9,895
| | | |
10
|
%
| | | | | | | | | | | | | | | | | | | |
| |
Corporate items and eliminations(a)
| | |
(1,465
|
)
| | |
(684
|
)
| | |
U
| | | |
(2,510
|
)
| | |
1,808
| | | |
U
| |
GE interest and other financial charges
| | |
(351
|
)
| | |
(321
|
)
| | |
(9
|
)%
| | | |
(666
|
)
| | |
(676
|
)
| | |
1
|
%
| |
GE provision for income taxes
| |
|
(392
|
)
| |
|
(546
|
)
| | |
28
|
%
| | |
|
(842
|
)
| |
|
(4,059
|
)
| | |
79
|
%
| | | | | | | | | | | | | | | | | | | |
| Earnings from continuing operations attributable to the Company | | |
3,658
| | | |
3,570
| | | |
2
|
%
| | | |
6,909
| | | |
6,968
| | | |
(1
|
)%
| | | | | | | | | | | | | | | | | | | |
| Earnings (loss) from discontinued operations, net of taxes,
attributable to the Company | |
|
(553
|
)
| |
|
194
|
| | |
U
| | |
|
(770
|
)
| |
|
229
|
| | |
U
| | | | | | | | | | | | | | | | | | | |
| Consolidated net earnings attributable to the Company | |
$
|
3,105
|
| |
$
|
3,764
|
| | |
(18
|
)%
| | |
$
|
6,139
|
| |
$
|
7,197
|
| | |
(15
|
)%
|
|
(a)
|
|
Segment revenues includes both revenues and other income related to
the segment. Segment profit excludes results reported as
discontinued operations, earnings attributable to noncontrolling
interests of consolidated subsidiaries and accounting changes.
Segment profit excludes or includes interest and other financial
charges and income taxes according to how a particular segment’s
management is measured – excluded in determining segment profit,
which we sometimes refer to as “operating profit,” for Energy
Infrastructure, Aviation, Healthcare, Transportation and Home &
Business Solutions; included in determining segment profit, which we
sometimes refer to as “net earnings,” for GE Capital. Results of our
run-off insurance operations previously reported in Corporate items
and eliminations are now reported in GE Capital.
| | |
|
| GENERAL ELECTRIC COMPANY | | Summary of Operating Segments (unaudited) | | Additional Information | |
| | |
| | |
|
| |
|
| | |
| | |
|
| | | | | | |
| | | Three months ended June 30 | | | Six months ended June 30 | |
(Dollars in millions)
| |
| 2012 | |
| 2011 |
| |
| V% | | |
| 2012 | |
| 2011 |
| |
| V% | | | | | | | | | | | | | | | | | | | |
| | Energy Infrastructure | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Revenues
| |
$
|
11,919
| |
$
|
10,402
|
| | |
15
|
%
| | |
$
|
23,087
| |
$
|
19,851
|
| | |
16
|
%
| | | | | | | | | | | | | | | | | | | |
| |
Segment profit
| |
$
|
1,755
| |
$
|
1,552
|
| | |
13
|
%
| | |
$
|
3,279
| |
$
|
2,933
|
| | |
12
|
%
| | | | | | | | | | | | | | | | | | | |
| | Revenues | | | | | | | | | | | | | | | | | | | | |
Energy
| |
$
|
8,559
| |
$
|
7,184
| | | |
19
|
%
| | |
$
|
16,601
| |
$
|
14,291
| | | |
16
|
%
| |
Oil & Gas
| | |
3,658
| | |
3,480
| | | |
5
|
%
| | | |
7,074
| | |
6,038
| | | |
17
|
%
| | | | | | | | | | | | | | | | | | | |
| | Segment profit | | | | | | | | | | | | | | | | | | | | |
Energy
| |
$
|
1,282
| |
$
|
1,117
| | | |
15
|
%
| | |
$
|
2,464
| |
$
|
2,232
| | | |
10
|
%
| |
Oil & Gas
| | |
535
| | |
483
| | | |
11
|
%
| | | |
935
| | |
789
| | | |
19
|
%
| | | | | | | | | | | | | | | | | | | |
| | GE Capital | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Revenues
| |
$
|
11,458
| |
$
|
12,440
|
| | |
(8
|
)%
| | |
$
|
22,900
| |
$
|
25,476
|
| | |
(10
|
)%
| | | | | | | | | | | | | | | | | | | |
| |
Segment profit
| |
$
|
2,122
| |
$
|
1,615
|
| | |
31
|
%
| | |
$
|
3,914
| |
$
|
3,405
|
| | |
15
|
%
| | | | | | | | | | | | | | | | | | | |
| | Revenues | | | | | | | | | | | | | | | | | | | | |
Commercial Lending and Leasing (CLL)
| |
$
|
4,141
| |
$
|
4,666
| | | |
(11
|
)%
| | |
$
|
8,583
| |
$
|
9,274
| | | |
(7
|
)%
| |
Consumer
| | |
3,812
| | |
4,172
| | | |
(9
|
)%
| | | |
7,689
| | |
8,995
| | | |
(15
|
)%
| |
Real Estate
| | |
876
| | |
992
| | | |
(12
|
)%
| | | |
1,712
| | |
1,899
| | | |
(10
|
)%
| |
Energy Financial Services
| | |
446
| | |
365
| | | |
22
|
%
| | | |
685
| | |
710
| | | |
(4
|
)%
| |
GE Capital Aviation Services (GECAS)
| | |
1,317
| | |
1,327
| | | |
(1
|
)%
| | | |
2,648
| | |
2,652
| | | |
-
|
%
| | | | | | | | | | | | | | | | | | | |
| | Segment profit (loss) | | | | | | | | | | | | | | | | | | | | |
CLL
| |
$
|
626
| |
$
|
701
| | | |
(11
|
)%
| | |
$
|
1,311
| |
$
|
1,255
| | | |
4
|
%
| |
Consumer
| | |
907
| | |
1,042
| | | |
(13
|
)%
| | | |
1,736
| | |
2,283
| | | |
(24
|
)%
| |
Real Estate
| | |
221
| | |
(335
|
)
| | |
F
| | | |
277
| | |
(693
|
)
| | |
F
| |
Energy Financial Services
| | |
122
| | |
139
| | | |
(12
|
)%
| | | |
193
| | |
251
| | | |
(23
|
)%
| |
GECAS
| | |
308
| | |
321
| | | |
(4
|
)%
| | | |
626
| | |
627
| | | |
-
|
%
| | | | | | | | | | | | | | | | | | | | | | | |
|
| GENERAL ELECTRIC COMPANY | | Condensed Statement of Financial Position (unaudited) | |
| | |
| | |
|
| | |
| | |
|
| Financial | | | Consolidated | | | GE(a) | | | Services (GECC) | |
(Dollars in billions)
| |
| 6/30/12 | |
| 12/31/11 | | |
| 6/30/12 | |
| 12/31/11 | | |
| 6/30/12 |
|
| 12/31/11 | | | | | | | | | | | | | | | | | | | | |
| | Assets | | | | | | | | | | | | | | | | | | | | | |
Cash & marketable securities
| |
$
|
122.2
| |
$
|
131.9
| | |
$
|
8.7
| |
$
|
8.4
| | |
$
|
114.2
| |
$
|
124.1
| |
Receivables
| | |
19.3
| | |
19.5
| | | |
11.3
| | |
11.8
| | | |
–
| | |
–
| |
Inventories
| | |
15.4
| | |
13.8
| | | |
15.4
| | |
13.7
| | | |
0.1
| | |
0.1
| |
Financing receivables - net
| | |
264.8
| | |
279.9
| | | |
–
| | |
–
| | | |
274.0
| | |
288.8
| |
Property, plant & equipment - net
| | |
66.7
| | |
65.7
| | | |
14.7
| | |
14.3
| | | |
52.0
| | |
51.4
| |
Investment in GECC
| | |
–
| | |
–
| | | |
77.6
| | |
77.1
| | | |
–
| | |
–
| |
Goodwill & intangible assets
| | |
84.1
| | |
84.7
| | | |
55.6
| | |
55.9
| | | |
28.5
| | |
28.8
| |
Other assets
| | |
117.1
| | |
119.3
| | | |
37.7
| | |
36.7
| | | |
85.5
| | |
88.9
| |
Assets of businesses held for sale
| | |
3.0
| | |
0.7
| | | |
–
| | |
–
| | | |
3.0
| | |
0.7
| |
Assets of discontinued operations
| |
|
1.5
| |
|
1.7
| | |
|
–
| |
|
0.1
| | |
|
1.5
| |
|
1.7
| | | | | | | | | | | | | | | | | | | | |
| | Total assets | |
$
|
694.1
| |
$
|
717.2
| | |
$
|
221.0
| |
$
|
218.0
| | |
$
|
558.8
| |
$
|
584.5
| | | | | | | | | | | | | | | | | | | | |
| | Liabilities and equity | | | | | | | | | | | | | | | | | | | | | |
Borrowings and bank deposits
| |
$
|
428.8
| |
$
|
453.4
| | |
$
|
11.7
| |
$
|
11.6
| | |
$
|
418.0
| |
$
|
443.1
|
Investment contracts, insurance liabilities and insurance annuity
benefits
| | |
27.8
| | |
29.8
| | | |
–
| | |
–
| | | |
28.3
| | |
30.2
| |
Other liabilities
| | |
111.4
| | |
114.0
| | | |
88.2
| | |
88.8
| | | |
29.8
| | |
31.6
| |
Liabilities of businesses held for sale
| | |
0.3
| | |
0.3
| | | |
–
| | |
–
| | | |
0.3
| | |
0.3
| |
Liabilities of discontinued operations
| | |
1.9
| | |
1.6
| | | |
0.2
| | |
0.2
| | | |
1.8
| | |
1.5
| |
GE shareowners' equity
| | |
120.1
| | |
116.4
| | | |
120.1
| | |
116.4
| | | |
79.8
| | |
77.1
| |
Noncontrolling interests
| |
|
3.8
| |
|
1.7
| | |
|
0.8
| |
|
1.0
| | |
|
0.8
| |
|
0.7
| | | | | | | | | | | | | | | | | | | | |
| | Total liabilities and equity | |
$
|
694.1
| |
$
|
717.2
| | |
$
|
221.0
| |
$
|
218.0
| | |
$
|
558.8
| |
$
|
584.5
|
|
| |
(a) Refers to the Industrial businesses of the Company including
GECC on an equity basis.
| |
|
Supplemental consolidating data are shown for "GE" and "GECC."
Transactions between GE and GECC have been eliminated from the
"Consolidated" columns. See Note 1 to the 2011 consolidated
financial statements at www.ge.com/ar2011
for further information about consolidation matters.
|
|
GENERAL ELECTRIC COMPANY | Financial Measures That Supplement GAAP | |
| |
| |
| |
We sometimes use information derived from consolidated financial
information but not presented in our financial statements prepared
in accordance with U.S. generally accepted accounting principles
(GAAP). Certain of these data are considered “non-GAAP financial
measures” under the U.S. Securities and Exchange Commission rules.
These non-GAAP financial measures supplement our GAAP disclosures
and should not be considered an alternative to the GAAP measure. We
have referred to operating earnings, operating earnings per share
(EPS), Industrial segment organic revenue growth and cash generated
from Industrial operating activities (Industrial CFOA). The
reconciliations of these measures to the most comparable GAAP
measures follow.
|
| Operating Earnings and Operating Earnings Per Share | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | |
| | |
|
|
| | | (Dollars in millions; except earnings per share) | | | | | | | | | | | | | | | | | | Three Months Ended June 30 | | | | | | | | | | | | | | | | | | |
| 2012 | |
| 2011 | | |
| V% | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Earnings from continuing operations attributable to GE
| | | | | | | | | | | | | | | | | |
$
|
3,658
| |
$
|
3,570
| | | |
2
|
%
| |
Adjustment (net of tax): non-operating pension costs/(income)
| | | | | | | | | | | | | | | | | |
|
352
| |
|
181
| | | | | |
Operating earnings
| | | | | | | | | | | | | | | | | |
$
|
4,010
| |
$
|
3,751
| | | |
7
|
%
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings per share – diluted(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Continuing earnings per share
| | | | | | | | | | | | | | | | | |
$
|
0.34
| |
$
|
0.33
| | | |
3
|
%
| |
Adjustment (net of tax): non-operating pension costs/(income)
| | | | | | | | | | | | | | | | | |
|
0.03
| |
|
0.02
| | | | | |
Operating earnings per share
| | | | | | | | | | | | | | | | | |
$
|
0.38
| |
$
|
0.34
| | | |
12
|
%
|
|
| |
| |
(a) Earnings-per-share amounts are computed independently. As a
result, the sum of per-share amounts may not equal the total.
| |
| |
Operating earnings excludes non-service related pension costs of our
principal pension plans comprising interest cost, expected return on
plan assets and amortization of actuarial gains/losses. The service
cost and prior service cost components of our principal pension
plans are included in operating earnings. We believe that these
components of pension cost better reflect the ongoing
service-related costs of providing pension benefits to our
employees. As such, we believe that our measure of operating
earnings provides management and investors with a useful measure of
the operational results of our business. Other components of GAAP
pension cost are mainly driven by market performance, and we manage
these separately from the operational performance of our businesses.
Neither GAAP nor operating pension costs are necessarily indicative
of the current or future cash flow requirements related to our
pension plan. We also believe that this measure, considered along
with the corresponding GAAP measure, provides management and
investors with additional information for comparison of our
operating results to the operating results of other companies.
| |
|
| Industrial Segment Organic Revenue Growth | |
| Three Months Ended June 30 | | (Dollars in millions) | |
| 2012 |
|
| 2011 |
|
| V% | | | | | | | | |
| | |
Segment revenues:
| | | | | | | | | | |
Energy Infrastructure
| |
$
|
11,919
| |
$
|
10,402
| | | | |
Aviation
| | |
4,855
| | |
4,732
| | | | |
Healthcare
| | |
4,500
| | |
4,498
| | | | |
Transportation
| | |
1,565
| | |
1,231
| | | | |
Home & Business Solutions
| |
|
2,204
| |
|
2,153
| | | | |
Industrial segment revenues
| | |
25,043
| | |
23,016
| | |
9
|
%
| |
Less the effects of:
| | | | | | | | | |
Acquisitions, business dispositions (other than dispositions of
business acquired for investment) and currency exchange rates
| |
|
99
| |
|
287
| | | |
Industrial segment revenues excluding effects of acquisitions,
business dispositions (other than dispositions of businesses
acquired for investment) and currency exchange rates (Industrial
segment organic revenues)
| |
$
|
24,944
| |
$
|
22,729
| | |
10
|
%
| | | | | | | | | | |
|
Organic revenue growth measures revenue excluding the effects of
acquisitions, business dispositions and currency exchange rates.
We believe that this measure provides management and investors
with a more complete understanding of underlying operating results
and trends of established, ongoing operations by excluding the
effect of acquisitions, dispositions and currency exchange, which
activities are subject to volatility and can obscure underlying
trends. We also believe that presenting organic revenue growth
separately for our industrial businesses provides management and
investors with useful information about the trends of our
industrial businesses and enables a more direct comparison to
other non-financial businesses and companies. Management
recognizes that the term "organic revenue growth" may be
interpreted differently by other companies and under different
circumstances. Although this may have an effect on comparability
of absolute percentage growth from company to company, we believe
that these measures are useful in assessing trends of the
respective businesses or companies and may therefore be a useful
tool in assessing period-to-period performance trends.
| |
|
| Industrial CFOA | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended June 30 | | (Dollars in millions) | | | | | | | | | | | | | | | | | | | | | | | | |
| 2012 |
|
| 2011 |
|
| V% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Cash from GE's operating activities as reported
| | | | | | | | | | | | | | | | | | | | | | | | |
$
|
6,789
| |
$
|
4,380
| | |
55
|
%
| |
Less: dividends from GECC
| | | | | | | | | | | | | | | | | | | | | | | | |
|
3,000
| |
|
-
| | | |
Cash from GE's operating activities excluding dividends from GECC
(Industrial CFOA)
| | | | | | | | | | | | | | | | | | | | | | | | |
$
|
3,789
| |
$
|
4,380
| | |
(13
|
)%
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
We define “Industrial CFOA” as GE’s cash from operating activities
less the amount of dividends received by GE from GECC. This includes
the effects of intercompany transactions, including GE customer
receivables sold to GECC; GECC services for trade receivables
management and material procurement; buildings and equipment
(including automobiles) leased by GE from GECC; information
technology (IT) and other services sold to GECC by GE; aircraft
engines manufactured by GE that are installed on aircraft purchased
by GECC from third-party producers for lease to others; and various
investments, loans and allocations of GE corporate overhead costs.
We believe that investors may find it useful to compare GE’s
operating cash flows without the effect of GECC dividends, since
these dividends are not representative of the operating cash flows
of our industrial businesses and can vary from period to period
based upon the results of the financial services businesses.
Management recognizes that this measure may not be comparable to
cash flow results of companies which contain both industrial and
financial services businesses, but believes that this comparison is
aided by the provision of additional information about the amounts
of dividends paid by our financial services business and the
separate presentation in our financial statements of the GECC cash
flows. We believe that our measure of Industrial CFOA provides
management and investors with a useful measure to compare the
capacity of our industrial operations to generate operating cash
flow with the operating cash flow of other non-financial businesses
and companies and as such provides a useful measure to supplement
the reported GAAP CFOA measure.
|
GE
Investor Contact:
Trevor Schauenberg, 203-373-2424
(office)
trevor.a.schauenberg@ge.com
or
Media
Contact:
Deirdre Latour, 203-373-3061 (office)
203-383-0160
(cell)
deirdre.latour@ge.com Source: GE | Copyright: | Copyright Business Wire 2012 | | Wordcount: | 5149 |
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