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GE reports falling revenues and profits in 2Q2010

19-Jul-2010 1:02 PM

General Electric Company (GE) reports (16-Jul-2010) the following consolidated financial highlights:

  • Three months ended 30-Jun-2010:
    • Revenue: USD37,444 million, -4%, -year-on-year;
      • Technology Infrastructure: USD9,061 million, -6%;
        • Aviation: USD4,259 million, -8%;
      • GE Capital: USD12,297 million, -3%;
        • Commercial Lending and Leasing*: USD4,506 million, -15%;
        • GECAS*: USD1,259 million, +8%;
    • Costs: USD33,157 million, -8%;
    • Profit from continuing operations: USD3,402 million, +18%;
      • Technology Infrastructure: USD1,554 million, -11%;
        • Aviation: 879 million, -5%;
      • GE Capital: USD830 million, +93%;
        • Commercial Lending and Leasing*: USD312 million, +28%;
        • GECAS*: USD288 million, +1%;
    • Net profit: USD3,109, +16%
  • Six months ended 30-Jun-2010:
    • Revenue: USD74,049 million, -5%;
      • Technology Infrastructure: USD17,720 million, -8%;
        • Aviation: USD8,424 million, -11%;
      • GE Capital: USD24,628 million, -7%;
        • Commercial Lending and Leasing*: USD9,100 million, -17%;
        • GECAS*: USD2,498 million, +10%;
    • Costs: USD66,935 million, -7%;
    • Profit from continuing operations: USD5,798 million, -1%;
      • Technology Infrastructure: USD2,957 million, -14%;
        • Aviation: 1,678 million, -16%;
      • GE Capital: USD1,437 million, -2%;
        • Commercial Lending and Leasing*: USD544 million, +13%;
        • GECAS*: USD605 million, +11%;
    • Net profit: USD5,054 million, -8%. [more]

*During the first quarter of 2009, GE transferred the Transportation Financial Services business from GECAS to CLL and the Consumer business in Italy from Consumer to CLL. Prior-period amounts were reclassified to conform to the current-period presentation

GE: “The company advanced strategically in the quarter. We announced that our joint venture with China Aviation Industry Corporation (AVIC) has been selected to provide the avionics systems package for the newly launched C919 single-aisle aircraft…GE is well positioned across the portfolio, both financially and competitively. The company continues to generate strong cash flow, which we will invest strategically to create shareholder value, while keeping the company safe. We expect to grow earnings and dividends in 2011 and beyond,” Jeff Immelt, Chairman and CEO. Source: GE, 16-Jul-2010.