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GE Reports Record Q1 Results
Apr 17, 2006
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GE announced record first-quarter 2006 earnings from continuing operations of U.S. $4.0 billion or $0.39 per share, up 14 percent and 18 percent, respectively, from first-quarter 2005. Revenues from continuing operations were also a record at $37.8 billion, up 10 percent from last year's first quarter. Cash flow from GE's operating activities was a record $6.7 billion.

Earnings from continuing operations were $4.042 billion, up 14 percent from $3.560 billion in first quarter 2005. EPS from continuing operations were $0.39, up 18 percent from last year's $0.33. Five of GE's six businesses contributed double-digit earnings growth for the quarter.

Continuing revenues of $37.8 billion were 10 percent higher than last year's $34.4 billion. Industrial sales increased 11 percent to $23.1 billion, reflecting core growth, and the effects of the 2006 Winter Olympic Games and acquisitions. Financial Services revenues grew 8 percent over last year to $14.7 billion, reflecting core growth.

Cash generated from GE's operating activities in the first 3 months of 2006 totaled $6.7 billion compared with $2.9 billion last year, reflecting a 24 percent increase from the industrial businesses. The GE Capital Services' dividend of $3.4 billion for the quarter was up $3.2 billion over last year, primarily reflecting $2.5 billion from the sale of our remaining 18 percent stake in Genworth.

Earnings from discontinued operations were $0.3 billion and included the results of Genworth, GE Insurance Solutions and, beginning in first quarter 2006, GE Life, which is in the process of being sold. Accordingly, first-quarter 2006 net EPS were $0.41, up 11 percent from the first quarter of 2005.

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