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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

Dollar amounts and share amounts in millions; per-share amounts in dollars; unaudited. Supplemental data are shown for “GE” and “GECC.” Transactions between GE and GECC have been eliminated from the “Consolidated” columns. See Note 1 to the 2011 consolidated financial statements at www.ge.com/ar2011 for further information about consolidation matters.

 
 
GENERAL ELECTRIC COMPANY
Condensed Statement of Earnings
                      Financial
Consolidated GE(a) Services (GECC)
Twelve Months Ended December 31 2012 2011 V% 2012 2011 V% 2012   2011   V%
Revenues and other income
Sales of goods and services $ 100,149 $ 94,523 6 % $ 100,875 $ 95,036 6 % $ 119 $ 148 (20 )%
Other income 2,563 5,064 2,657 5,270
GECC earnings from continuing operations 7,401 6,584
GECC revenues from services   44,647     47,701             45,920     48,920  
Total revenues and other income   147,359     147,288   - %   110,933     106,890   4 %   46,039     49,068   (6 )%
 
Costs and expenses

Cost of sales, operating and administrative expenses

110,697 105,640 92,728 86,360 19,512 20,582
Interest and other financial charges 12,508 14,528 1,353 1,299 11,697 13,866

Investment contracts, insurance losses and insurance annuity benefits

2,857 2,912 2,984 3,059
Provision for losses on financing receivables   3,891     3,951             3,891     3,951  
Total costs and expenses   129,953     127,031   2 %   94,081     87,659   7 %   38,084     41,458   (8 )%
 

Earnings from continuing operations before income taxes

17,406 20,257 (14 )% 16,852 19,231 (12 )% 7,955 7,610 5 %
Benefit (provision) for income taxes   (2,504 )   (5,738 )   (2,013 )   (4,839 )   (491 )   (899 )
Earnings from continuing operations 14,902 14,519 3 % 14,839 14,392 3 % 7,464 6,711 11 %

Earnings (loss) from discontinued operations, net of taxes

  (1,038 )   (76 )   (1,038 )   (76 )   (1,186 )   (74 )
Net earnings 13,864 14,443 (4 )% 13,801 14,316 (4 )% 6,278 6,637 (5 )%

Less net earnings (loss) attributable to noncontrolling interests

  223     292     160     165     63     127  

Net earnings attributable to the Company

13,641 14,151 (4 )% 13,641 14,151 (4 )% 6,215 6,510 (5 )%
Preferred stock dividends declared       (1,031 )       (1,031 )   (123 )    

Net earnings attributable to GE common shareowners

$ 13,641   $ 13,120   4 % $ 13,641   $ 13,120   4 % $ 6,092   $ 6,510   (6 )%
 
 
Amounts attributable to the Company:
Earnings from continuing operations $ 14,679 $ 14,227 3 % $ 14,679 $ 14,227 3 % $ 7,401 $ 6,584 12 %

Earnings (loss) from discontinued operations, net of taxes

  (1,038 )   (76 )   (1,038 )   (76 )   (1,186 )   (74 )

Net earnings attributable to the Company

$ 13,641   $ 14,151   (4 )% $ 13,641   $ 14,151   (4 )% $ 6,215   $ 6,510   (5 )%
 

Per-share amounts - earnings from continuing operations

Diluted earnings per share $ 1.39 $ 1.24 12 %
Basic earnings per share $ 1.39 $ 1.24 12 %
 
Per-share amounts - net earnings
Diluted earnings per share $ 1.29 $ 1.23 5 %
Basic earnings per share $ 1.29 $ 1.24 4 %
 
Total average equivalent shares
Diluted shares 10,564 10,620 (1 )%
Basic shares 10,523 10,591 (1 )%
 
Dividends declared per common share $ 0.70 $ 0.61 15 %
 
 
Amounts attributable to the Company:
Earnings from continuing operations $ 14,679 $ 14,227 3 %

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

  1,386     688  
Operating earnings (non-GAAP measure) $ 16,065   $ 14,915   8 %
 

Operating earnings – diluted earnings per share

$ 1.52 $ 1.31 16 %

Operating earnings excluding the effects of the preferred stock redemption - diluted earnings per share

$ 1.52 $ 1.38 10 %
 

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

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