GE Reports Second-Quarter Earnings of U.S. $3.9 Billion
Jul 9, 2004
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General Electric Company said today that its second quarter 2004 earnings were U.S $3.9 billion, 3 percent higher than second quarter 2003. Excluding non-cash earnings from GE's principal pension plans, earnings increased 9 percent.
"Our earnings per share for the second quarter of $0.38 cents exceeded our previous guidance of $0.37 cents, as nine of 11 businesses contributed double-digit improvements to earnings and first-half cash from operating activities grew 61 percent over last year," said GE Chairman and CEO Jeff Immelt. "Orders continue to be strong, growing at 13 percent, with services orders up 29 percent. This is the best economy we've seen in years."
He added, "We're on track to deliver excellent operating performance this year, and as such we are further narrowing our full-year guidance to $1.55 to $1.60 per share. We are building strong momentum for 2005 and remain confident of 10 to 15 percent earnings per share growth for next
Earnings were $3.9 billion, up 3 percent over last year's $3.8 billion. Earnings per share (EPS) were $0.38, the same as last year.
Nine of GE's 11 businesses, including Consumer & Industrial, contributed double-digit improvements to earnings.
In second quarter 2004, GE's Consumer & Industrial business increased unit sales of high-end Profile(R) and Monogram(R) appliances 21 percent over second quarter 2003.
It also launched several new products, including the new Profile(R) ClimateKeeper2 dualevaporator refrigerator, Monogram(R) undercounter refrigeration modules, GE Xensation(TM) auto lighting, and several stainless steel appliance upgrades.
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