GE achieved record first-quarter earnings of U.S. $4 billion, up 25 percent from $3.2 billion in first quarter 2004, on revenue growth of 19 percent.
"Nine of our 11 businesses delivered at least double-digit earnings growth, and we achieved organic revenue growth of 10 percent, exceeding our 8 percent target," said GE chairman and CEO Jeff Immelt. "Our outlook remains positive: total orders for the quarter were up 16 percent over last year, and Commercial Finance and Consumer Finance assets were up 17 percent. We've taken substantial pricing actions to offset the pressures of commodity inflation."
Earnings were a record $4 billion, up 25 percent from $3.2 billion in first quarter 2004. Earnings per share (EPS) were $0.38, up 19 percent from last year's $0.32. Nine of GE's 11 businesses--Advanced Materials, Commercial Finance, Consumer Finance, Consumer & Industrial, Equipment & Other Services, Healthcare, Infrastructure, NBC Universal, and Transportation--contributed at least double-digit earnings growth.
Revenues of $39.8 billion increased 19 percent over $33.4 billion in first quarter 2004. Industrial sales increased 25 percent to $20.8 billion, reflecting the impact of acquisitions and solid organic growth. Financial services revenues rose 13 percent over last year to $19.1 billion. Organic revenue growth--which excludes the effects of acquisitions, dispositions and changes in currency exchange rates, as well as the Insurance segment--was 10 percent. Organic revenue growth of the industrial businesses was also 10 percent.
Cash generated from GE's operating activities in the first quarter totaled $2.9 billion, up 10 percent from $2.6 billion last year, reflecting a 19 percent increase in CFOA from industrial businesses and a lower GE Capital Services dividend resulting from the absence this year of a counterpart to last year's special dividend of Insurance disposition proceeds.
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