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GE Reports 4Q’12 Operating EPS $0.44, +13% 4Q Revenues $39.3B +4%, Industrial Organic Growth +8% For Total Year Operating Margins Expand 120 Bps Over 4Q’11, Total Year Up 30 Bps Record Backlog Of $210B

GE will discuss preliminary fourth-quarter and full-year 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; our ability to convert pre-order commitments into orders; 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 December 31 2012 2011 V% 2012 2011 V% 2012 2011 V%
Revenues and other income
Sales of goods and services $ 27,080 $ 26,486 2 % $ 27,301 $ 26,743 2 % $ 29 $ 32 (9 )%
Other income 826 259 830 308
GECC earnings from continuing operations 1,808 1,660
GECC revenues from services   11,421     11,227             11,741     11,545  
Total revenues and other income   39,327     37,972   4 %   29,939     28,711   4 %   11,770     11,577   2 %
 
Costs and expenses

Cost of sales, operating and administrative expenses

29,233 28,452 24,418 24,027 5,237 4,883
Interest and other financial charges 2,960 3,231 393 267 2,708 3,128

Investment contracts, insurance losses and insurance annuity benefits

702 711 713 745
Provision for losses on financing receivables   1,163     1,058             1,163     1,058  
Total costs and expenses   34,058     33,452   2 %   24,811     24,294   2 %   9,821     9,814   - %
 

Earnings from continuing operations before income taxes

5,269 4,520 17 % 5,128 4,417 16 % 1,949 1,763 11 %
Benefit (provision) for income taxes   (818 )   (467 )   (694 )   (402 )   (124 )   (65 )
Earnings from continuing operations 4,451 4,053 10 % 4,434 4,015 10 % 1,825 1,698 7 %

Earnings (loss) from discontinued operations, net of taxes

  (305 )   (240 )   (305 )   (240 )   (305 )   (240 )
Net earnings 4,146 3,813 9 % 4,129 3,775 9 % 1,520 1,458 4 %

Less net earnings (loss) attributable to noncontrolling interests

  135     83     118     45     17     38  

Net earnings attributable to the Company

4,011 3,730 8 % 4,011 3,730 8 % 1,503 1,420 6 %
Preferred stock dividends declared                   (123 )    

Net earnings attributable to GE common shareowners

$ 4,011   $ 3,730   8 % $ 4,011   $ 3,730   8 % $ 1,380   $ 1,420   (3 )%
 
 
Amounts attributable to the Company:
Earnings from continuing operations $ 4,316 $ 3,970 9 % $ 4,316 $ 3,970 9 % $ 1,808 $ 1,660 9 %

Earnings (loss) from discontinued operations, net of taxes

  (305 )   (240 )   (305 )   (240 )   (305 )   (240 )

Net earnings attributable to the Company

$ 4,011   $ 3,730   8 % $ 4,011   $ 3,730   8 % $ 1,503   $ 1,420   6 %
 

Per-share amounts - earnings from continuing operations

Diluted earnings per share $ 0.41 $ 0.37 11 %
Basic earnings per share $ 0.41 $ 0.38 8 %
 
Per-share amounts - net earnings
Diluted earnings per share $ 0.38 $ 0.35 9 %
Basic earnings per share $ 0.38 $ 0.35 9 %
 
Total average equivalent shares
Diluted shares 10,500 10,591 (1 )%
Basic shares 10,447 10,566 (1 )%
 
Dividends declared per common share $ 0.19 $ 0.17 12 %
 
 
Amounts attributable to the Company:
Earnings from continuing operations $ 4,316 $ 3,970 9 %

Adjustment (net of tax): Non-operating pension costs/(income)

  350     172  
Operating earnings (non-GAAP measure) $ 4,666   $ 4,142   13 %
 

Operating earnings – diluted earnings per share

$ 0.44 $ 0.39 13 %
 

(a) Refers to the Industrial businesses of the Company including GECC on an equity basis.

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