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TheStreet Open House

GE Reports 1Q’12 Operating EPS Of $0.34, +3% (+17% Excluding 1Q’11 One-time Items); Industrial Segment Revenues Of $23.7B, +14%; Organic Growth +11%; Infrastructure Orders +20%; Industrial Segment Profit +10%; Industrial CFOA Of $2.1B, +22%

GE (NYSE: GE):

1Q 2012 Highlights

  • Eighth consecutive quarter of strong operating earnings growth
    • 1Q Operating EPS of $0.34, up 3%; up 17% excluding one-time items
    • 1Q Continuing EPS of $0.31, flat vs. prior year
    • Revenues of $35.2 billion for the quarter, Industrial segment revenues of $23.7 billion, up 14%
  • Leading indicators remain positive
    • Record first quarter Infrastructure orders of $23.1 billion, up 20%; Equipment up 29%; Services up 11%
    • Organic orders up 14%
    • Industrial segment orders in growth markets up 21%
  • GE Capital earned $1.8 billion (flat vs. 2011), up 27% excluding 1Q’11 Garanti sale impact
    • Real Estate returns to profitability
    • GECC Tier 1 Common Ratio of 10.4%
  • On track to deliver double-digit earnings growth in Industrial segments and GE Capital for 2012

GE [NYSE: GE] announced today first-quarter 2012 Operating Earnings of $3.6 billion, or $0.34 per share, up 1% and 3% respectively from the first-quarter of 2011. Operating EPS was up 17% excluding one-time items. GAAP earnings from continuing operations (attributable to GE) were $3.3 billion, down 4%, or $0.31 per share, flat from the prior year quarter. Revenues were $35.2 billion for the quarter, down 8% reflecting the non-repeat of the NBCU and Garanti sales in 1Q ’11 and lower ENI at GE Capital. Industrial segment revenue grew by 14%. The strength of GE’s portfolio was underscored by record first quarter Infrastructure orders of $23.1 billion, up 20%. The company is executing well and is on track to deliver double-digit earnings growth in 2012 for both Industrial businesses and GE Capital.

“We have previously communicated two significant catalysts for investors: double-digit Industrial earnings growth and the return of the GE Capital dividend to the parent," said GE Chairman and CEO Jeff Immelt. "Today’s results demonstrate that we are achieving Industrial growth and GE Capital continues to grow stronger. This quarter we witnessed broad-based strength in orders across all our Infrastructure businesses and in both equipment and services. We see encouraging leading indicators driven by global growth. Our strategy to invest in technology and global growth platforms continues to produce results with 11% organic Industrial segment revenue growth and 10% Industrial segment profit growth in the first quarter.”

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