GE reported that its third-quarter 2005 earnings were a record U.S. $4.7 billion, 15 percent higher than last year’s third quarter. Earnings per share (EPS) were $0.44, 16 percent more than the $0.38 reported last year.
“Despite a volatile environment, our fundamentals remain very strong, as we achieved double-digit earnings growth across all six of our businesses,” said GE (Fairfield, Connecticut, U.S.) Chairman and CEO Jeff Immelt. “Our businesses are generating solid top and bottom line growth. We increased revenue by 9 percent to $41.9 billion and produced another record for earnings in the quarter with $4.7 billion, an increase of 15 percent.
“This was our third consecutive quarter of 8 percent organic revenue growth. We continue to optimize our growth initiatives for sustained and consistent performance,” Immelt said. “Orders were up 11 percent, services sales increased 9 percent, revenue from accelerating growth platforms, such as Healthcare IT and Oil & Gas, grew 24 percent, and we generated strong double digit global revenue growth from markets such as China and Europe.
“We delivered EPS at the high end of our previous guidance despite incurring over $377 million of hurricane-related reinsurance losses,” said Immelt.
In GE's industrial businesses, strong results were attributed to continued focus and investment in high-end consumer products, such as the GE Profile(TM) SmartDispense(TM) dishwasher, GE Profile freestanding range with double ovens and GE Monogram® Walk-in Wine Vault.
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