- Fourth-quarter operating earnings of $4.7 billion, or 44 cents a share, beating the consensus estimate of 43 cents.
- Revenue of $39.327 billion beats the consensus estimate of $38.739 billion.
- GE Capital pays $1.0 billion Q4 dividend to parent company, for a total of $6.4 billion during 2012.
- 2012 operating earnings total $16.1 billion, increasing 8% from 2011.
For GE's Power & Water segment, fourth-quarter revenue totaled $7.652, increasing from $7.196 billion in the third quarter, and $7.538 billion in the fourth quarter of 2011. Segment profit was $1.747 billion or the fourth quarter, increasing from $1.184 billion the previous quarter, and $1.661 a year earlier. For Oil & Gas -- which along with Power & Water and Energy Management was separately broken out from Energy Infrastructure in December, revenue during the fourth quarter totaled $4.548 billion, increasing from $3.465 billion in the third quarter, and $4.083 during the fourth quarter of 2011. Profit for the segment was $649 million during the fourth quarter, increasing from $469 million the previous quarter, and $567 a year earlier. Energy Management fourth-quarter revenue totaled $1.934 billion, increasing from $1.879 billion in the third quarter, but declining slightly from $1.954 billion in the fourth quarter of 2011. Segment profit was $64 million, increasing from $42 million the previous quarter, and $47 million a year earlier.
Parent and Stock
The company said it returned $12.4 billion to shareholders during 2012, through dividends and $5.2 billion in share buybacks. General Electric's shares closed at $21.30 Thursday, up 1.5% year-to-date. The shares returned 21% during 2012, following a 1% return during 2011. The company on Dec. 14 raised its quarterly dividend by two cents to 19 cents, for a yield of 3.57%, based on Thursday's closing price. The shares trade for 12.7 times the consensus 2013 EPS estimate of $1.67. The consensus 2014 EPS estimate is $1.84.
JPMorgan analyst Steven Tusa said in a note before the market open that the quality of General Electric's fourth-quarter earnings "was generally solid with revenues +3% vs JPM (+1% vs Consensus), Industrial margins better (+20bps vs JPM), GE Capital in line (with a 6% tax rate higher than expected) and the net of corporate/tax in line with our model." With Immelt having carefully reduced his guidance for GE's 2012 organic growth in December to 8% from his 10% estimate in September, Tusa said "expectations were as low as they've been for some time," reflected by the relative underperformance of the shares, and that investors were "bracing for sloppy print." "In that context, there is no debate that the details are better than feared." Tusa rates General Electric "Overweight," with a $24 price target. Interested in more on General Electric? See TheStreet Ratings' report card for this stock. -- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email. Follow @PhilipvanDoorn