GE announced today first-quarter 2013 operating earnings of $4.1 billion, up 14% from the first quarter of 2012. GAAP earnings from continuing operations were $3.6 billion, up 13%. Revenues were $35.0 billion for the quarter, flat with the year-ago period.
GE Capital continued its strategy to reduce the overall size of its portfolio while focusing on core growth. GE Capital earnings grew 9% in the quarter and ENI (excluding cash and equivalents) was $402 billion at quarter end. General Electric Capital Corporation’s (GECC) Tier 1 common ratio under Basel 1 rose 65 basis points to 11.1%, and net interest margin was strong at 5%. During the quarter, GE Capital finalized the acquisition of MetLife’s $6.4 billion deposit base and online deposits business.
GE Chairman and CEO Jeff Immelt concluded, “Despite the challenging macro environment, GE is well-positioned for stronger performance for the remainder of the year and we are executing on our strategic priorities. We are using our complete and early exit from media to increase investment in our core industrial businesses, through accelerated restructuring, investment in technology, and investment in our global capabilities. We expect our cost-out efforts will mitigate weakness in specific markets, and we have a very strong cash position. Our overall framework for the year remains unchanged.”
View the entire earnings release issued by GE Capital.