General Electric Co. (NYSE: GE) is out with its first-quarter earnings report. Investors have already seen the huge restructuring and the charges associated with it, so this should be considered a quarter in which the conglomerate threw in everything but the kitchen sink. As we had signaled in the preview of what surprises might be here, the report likely was muted due to the prior week’s massive restructuring news.

GE reported $0.31 in earnings per share, versus the $0.30 per share expected by Thomson Reuters. GE’s total combined revenue was down 12% to $29.4 billion — with industrial revenue down 1% to $23.8 billion and GECC revenue down 39% to $6.0 billion.

Some news headlines may talk about GE losing over $1.00 per share on a net basis, but this is inclusive of most of the pre-disclosed charges from dispositions and restructuring. For 24/7 Wall St. to have any change of opinion on GE after earnings, there would have to have been new smoking guns or new initiatives.

GE’s total backlog was up 7%, with its equipment backlog growing to $70 billion from $64 billion in the prior quarter. The services backlog rose to $193 billion from $181 billion.

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Highlighted segment numbers were as follows:

• Industrial segment profit up 9%, with five of seven segments growing earnings
• Industrial segment revenue $24.4 billion, down 1%, but up 3% organic
• Foreign exchange impact of about $(950) million
• Oil & Gas revenue flat and operating profit up 11%, on an organic basis
• Industrial segment gross margins 26.2%, a gain of 90 bps
• Industrial segment operating profit margins 14.6%, up 120 bps
• Industrial segment growth market revenue up 6%, with strength in Middle East, Latin America, Africa, China and India
• Record backlog of $263 billion, up 7% versus the year-ago quarter
• GE Capital ENI (ex. liquidity) at $303 billion, down 19% from a year ago
• On track for Industrial EPS goal of $1.10 to 1.20 for 2015

More details on a unit by unit and charge by charge basis can be found in the formal earnings presentation. Chairman and CEO Jeff Immelt said:

GE performed well in the first quarter, in an environment that remains volatile but with
continued growth opportunities in infrastructure. This was an important quarter for GE. We delivered good first-quarter results in our industrial businesses, with 14% growth in operating EPS. And last week, we announced a new plan to create a simpler, more valuable industrial company by selling most GE Capital assets, a major step in our strategy to focus GE around its competitive advantages. We are reshaping the company.

We have laid out a clear plan to reshape GE for the future. We will reduce the size of our financial business through the sale of most GE Capital assets over the next 24 months, with the potential to return more than $90 billion to investors in dividends, buyback and the Synchrony exchange through 2018. Our industrial businesses are performing well and we will continue to invest in our competitive advantages built on the GE Store. We will continue to boost margins and returns. This is the plan for the future of GE as a fast-growth, high-tech industrial company.

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GE’s first indication Friday morning was down 1% at $27.00, compared to a 52-week range of $23.41 to $28.68. The consensus price target is $29.92.

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