Investing

GE Bounces Back

GE (NYSE: GE) posted earnings that were above average. Jeff Immelt may want to step down from his positions as Obama’s adviser and spend all of his time at the conglomerate to keep GE’s momentum

Revenue for the third quarter was flat at $35.4 billion. Operating income rose only 3% to $3.7 billion. The numbers were misleading. GE’s segment revenue, the best measure of its operations, rose 12%, largely on the power of its large energy infrastructure sales which were higher by 30% to $10.9 billion. Unfortunately, performance at the unit was slightly tarnished as segment operating income fell 9% to $1.5 billion.

Three Months Nine Months
Ended September 30 Ended September 30
(Dollars in millions) 2011 2010 V% 2011 2010 V%
Revenues
Energy Infrastructure $ 10,855 $ 8,359 30 % $ 30,706 $ 26,554 16 %
Aviation(a) 4,835 4,391 10 % 13,935 12,815 9 %
Healthcare(a) 4,332 3,958 9 % 12,920 11,793 10 %
Transportation(a) 1,287 869 48 % 3,421 2,344 46 %
Home & Business Solutions 2,094 2,125 (1 )% 6,236 6,315 (1 )%
GE Capital 11,148 11,101 % 34,985 34,676 1 %
Total segment revenues 34,551 30,803 12 % 102,203 94,497 8 %
Corporate items and eliminations(a) 816 4,570 (82 )% 7,124 13,871 (49 )%
Consolidated revenues from continuing operations $ 35,367 $ 35,373 % $ 109,327 $ 108,368 1 %
Segment profit(a)
Energy Infrastructure $ 1,503 $ 1,656 (9 )% $ 4,436 $ 5,047 (12 )%
Aviation(a) 862 805 7 % 2,662 2,483 7 %
Healthcare(a) 608 581 5 % 1,850 1,739 6 %
Transportation(a) 196 101 94 % 531 242 F
Home & Business Solutions 38 104 (63 )% 218 318 (31 )%
GE Capital 1,467 818 79 % 4,927 2,131 F
Total segment profit 4,674 4,065 15 % 14,624 11,960 22 %
Corporate items and eliminations(a) (717 ) 140 U 992 300 F
GE interest and other financial charges (356 ) (393 ) 9 % (1,032 ) (1,166 ) 11 %
GE provision for income taxes (378 ) (705 ) 46 % (4,437 ) (2,479 ) (79 )%
Earnings from continuing operations attributable to the Company 3,223 3,107 4 % 10,147 8,615 18 %
Earnings (loss) from discontinued operations, net of taxes, attributable to the Company 1 (1,052 ) F 274 (1,506 ) F
Consolidated net earnings attributable to the Company $ 3,224 $ 2,055 57 % $ 10,421 $ 7,109 47 %

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