GE Earnings Up 18% In Fiscal Q2

By TWICE Staff -- TWICE, 7/22/2011

Fairfield, Conn. - GE announced operating earnings were up 18 percent in its fiscal second quarter.

Operating earnings were $3.7 billion, up 18 percent from the prior-year period. Revenues were $35.6 billion for the quarter, down 4 percent from a year ago, primarily driven by the absence of NBCU revenues after the sale of GE's majority position to Comcast, GE said. Excluding this impact, revenues were up 7 percent.

"With our fifth-consecutive quarter of double-digit earnings growth, we continue to execute in a volatile environment," GE chairman and CEO Jeff Immelt said in a statement. "We posted solid overall operating earnings growth of 18 percent, with strong contributions from GE Capital, healthcare, transportation, aviation, and oil and gas."

Including the effects of discontinued operations, second-quarter net earnings attributable to GE were $3.8 billion in 2011, compared with $3.1 in the second quarter of 2010.

Second-quarter revenues decreased 4 percent to $35.6 billion, up 7 percent excluding NBCU revenues. GE Capital Services' revenues decreased 1 percent from last year to $12.4 billion, and profits were $1.655 billion, up from $743 million.

Revenues for the home and business solutions segment were $2.153 billion, down 4 percent from the prior-year period. Profits for this segment were $106 million, down from $143 million.