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GE's earnings before required accounting changes for third quarter 2003 were U.S. $4.0 billion, or $0.40 per share, compared with $4.1 billion, or $0.41 per share, in third quarter 2002, the company announced.
According to the company, eight of its 13 businesses—Commercial Finance, Consumer Finance, Consumer Products, Insurance, Medical Systems, NBC, Specialty Materials, and Transportation Systems—achieved double-digit earnings growth during the quarter. As expected, performance was offset by the continued effects of the decline in sales of large gas turbines in the U.S. and lower non-cash earnings from the U.S. pension plans. Excluding Power Systems and the effects of pension income from both periods, earnings per share grew 14 percent.
Revenues of $33.4 billion were up 2 percent compared to third quarter 2002. Cash generated from GE's operating activities in the first nine months of 2003 was $7.4 billion, up 29 percent from last year's $5.7 billion.
Net earnings—earnings after required accounting changes—were $0.36 per share in third quarter 2003 and $0.41 per share in third quarter 2002. On Jul. 1, 2003, GE adopted FASB Interpretation No. 46 (FIN 46), which requires the consolidation of certain entities by companies that do not control those entities. Upon adoption of the new standard, GE consolidated $51 billion of assets and recorded a non-cash transition charge of $372 million, or $0.04 per share, as previously estimated.
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