- First-quarter operating earnings of $4.1 billion, or 39 cents a share, rising 14% year over year
- Earnings beat consensus estimate of 35 cents
- Revenue of $35 billion beats the consensus estimate of $34.513 billion
- Industrial revenue down 6% year over year, Power & Water down 26%
- Small gains from sale of NBC Universal to Comcast, but cash hoard grows to $90 billion from $77 billion at end of 2012
- GE Capital pays $447 million Q1 dividend to parent company
Industrial Revenue DeclineTotal industrial revenue was down 6% year-over-year, to $34.209 billion in the first quarter. Immelt said, "Power & Water markets were worse than we expected. While we anticipated significantly fewer wind and gas turbine shipments, we saw additional pressure in European Power & Water services. This weakness also had a negative impact on margins." The CEO went on to say that the company "always anticipated that the first half of 2013 would be our toughest comparison; we expect Power & Water to improve during the year and be positive in the second half."