GE announced today fourth-quarter 2012 operating earnings of $4.7 billion, up 13% from the fourth quarter of 2011. GAAP earnings from continuing operations were $4.3 billion, up 9%. Revenues were $39.3 billion for the quarter, up 4%, and $147.4 billion for the year. Industrial segment organic revenue growth was 4% for the quarter and 8% for the year.
GE Capital highlights from press release:
- GE Capital progressed with its strategy of a smaller, more focused financial services business with solid earnings.
- GE Capital earned $1.8 billion in 4Q, up 9% in the quarter and ENI was $419 billion at quarter end.
- GECC achieved revenues of $11.8 billion, an increase of 2% from last year.
- Commercial Real Estate grew net income to $0.8 billion while shrinking assets by $15 billion.
- GE Capital Corporation (GECC) paid a $1.0 billion dividend to the parent in the quarter, bringing the year-to-date total to $6.4 billion.
- Its Tier 1 common ratio remains strong at 10.2%.
“We ended the year with a strong quarter despite the mixed global economic environment,” said GE Chairman and CEO Jeff Immelt. “The outlook for developed markets remains uncertain, but we are seeing growth in China and the resource rich countries. With our largest backlog in history and a substantial amount of cash generated by our businesses in the fourth quarter, we have great momentum going into 2013.”
Read the full General Electric earnings press release.