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GE Reports Strong Q2 Financial Results
Jul 14, 2006
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GE announced record second-quarter 2006 earnings from continuing operations of U.S. $4.9 billion or $0.47 per share, up 11 percent and 15 percent, respectively, from second-quarter 2005. Revenues from continuing operations were also a record $39.9 billion, up 9 percent from last year's second quarter. First-half cash from GE's operating activities was a record $14.3 billion, up 78 percent.

Earnings from continuing operations were $4.854 billion, up 11 percent from $4.376 billion in second quarter 2005. EPS from continuing operations were $0.47, up 15 percent from last year's $0.41. Five of six businesses contributed double-digit earnings growth for the quarter.

Continuing revenues of $39.9 billion were 9 percent higher than last year's $36.5 billion. Industrial sales increased 9 percent to $24.4 billion, reflecting core growth. Financial Services revenues grew 10 percent over last year to $15.3 billion, reflecting core growth and the effects of acquisitions.

Cash generated from GE's operating activities in the first 6 months of 2006 totaled $14.3 billion compared with $8.0 billion last year, reflecting a $5.8 billion increase in GE Capital Services' dividends, substantially all of which was proceeds from sales of insurance businesses, and a 9 percent increase from the industrial businesses.

Loss from discontinued operations was $2 million for the quarter and included the results of Genworth, the final transaction for GE Insurance Solutions, and GE Life, which is in the process of being sold. Accordingly second-quarter 2006 net EPS were $0.47, up 7 percent from the second quarter of 2005.

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