General Electric Co. (NYSE: GE) reported fourth-quarter and full-year 2014 results before markets opened Friday. The conglomerate reported adjusted diluted quarterly earnings per share (EPS) of $0.56 on revenues of $42 billion. In the same period a year ago, GE reported EPS of $0.53 on revenues of $40.38 billion. Fourth-quarter results also compare to the consensus estimates for EPS of $0.55 on revenues of $42.16 billion.

For the full year, GE reported EPS of $1.65 on revenues of $148.59 billion, compared with EPS of $1.64 and revenues of $146.05 billion in 2013. Analysts were expecting EPS of $1.65 on revenues of $148.74 billion.

Revenues in the oil and gas segment were down 6% year-over-year in the quarter and down 2% in the energy management segment. For the year, oil and gas revenues rose 10%, while energy management revenues were down 3%. Revenues rose 6% in the quarter and the year in the company’s seven industrial segments. Revenues in GE Capital rose 4% in the quarter but were down 3% for the year. GE Capital provides about a quarter of the company’s consolidated revenues.

On an organic basis, the company’s revenues in the oil and gas segment were flat for the quarter and profits rose 6%. Organic measurements exclude the effects of acquisitions and dispositions and currency exchange rates.

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Revenues rose 22% year-over-year in the power and water segment and were up 11% compared with 2013. This is GE’s largest segment, with annual revenue of $27.56 billion, ahead of the aviation segment, which posted $23.99 billion in annual revenues.

GE noted that its backlog during the quarter rose nearly 7% year-over-year to $261 billion.

The company’s CEO, Jeff Immelt, said:

GE ended the year with strong fourth-quarter industrial earnings and margin growth. The environment remains volatile, but we continue to see infrastructure growth opportunities. We are pleased with our execution in 2014: meeting our commitment to grow industrial segment profits 10%, industrial segment organic revenue growth of 7%, increasing operating margins 50 basis points, decreasing costs by $1.2 billion, reducing the size of GE Capital and returning $11 billion to shareowners.

For 2015, Immelt said the company is targeting double-digit industrial operating EPS growth; 2% to 5% industrial segment organic revenue growth; margin expansion; a smaller GE Capital; $12 to $15 billion in free cash flow including dispositions; and more than $10 billion returned to shareholders. The company remains committed to meeting its goal of having 75% of earnings come from the company’s industrial businesses.

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Analysts have estimated first-quarter EPS of $0.35 on revenues of $34.58 billion. For the 2015 fiscal year, the current consensus calls for EPS of $1.76 on revenues of $153.1 billion.

Shares traded up fractionally in Friday’s premarket session, at $24.30 in a 52-week range of $23.41 to $27.53. Thomson Reuters had a consensus analyst price target of around $29.00 before the results were announced.

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