GE (NYSE: GE):
2Q 2013 Highlights
- 2Q orders +4%; U.S. orders +20%
- Operating EPS of $0.36, includes positive items of $0.02 offset by $0.04 of restructuring and other items
- Profit growth in six of seven Industrial businesses
- Industrial segment growth market revenues +5%
- Industrial segment margins +50 bps. with strong performance in six of seven segments
- $9.9 billion returned to shareholders year-to-date
- Overall framework for 2013 remains unchanged
GE [NYSE: GE] announced today second-quarter 2013 operating earnings of $3.7 billion, or $0.36 per share, down 8% and 5% respectively from the second quarter of 2012. GAAP earnings from continuing operations were $3.3 billion, or $0.31 per share, down 11% and 9% respectively. Net earnings of $3.1 billion, or $0.30 per share, rose 1% and 3% respectively from the year-ago period. Positive items of $0.02 per share were more than offset by $0.04 per share of restructuring and other items. Revenues were $35.1 billion for the quarter, down 4% from the year-ago period.
“In the second quarter, GE achieved Industrial segment profit growth in six of seven businesses, reduced structural costs, and continued to invest in growth,” said GE Chairman and CEO Jeff Immelt. “We executed in a business environment that was slightly improved versus the first quarter. Emerging markets remain resilient, and in the U.S. we saw strong growth in orders this quarter. Europe is stabilizing but still challenged. We expect margin expansion to continue and segment profits to grow in the second half of the year.”Infrastructure orders for the quarter rose 4% to $24.1 billion. GE’s backlog of equipment and services at the end of the quarter was its highest ever at $223 billion, up $7 billion from the first quarter. Infrastructure order pricing rose 0.9% for the quarter.