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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GE Aerospace | NYSE:GE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.01 | 1.88% | 162.71 | 162.825 | 159.4205 | 161.39 | 5,030,308 | 00:16:04 |
Date of Report (Date of earliest event reported) January 23, 2015
|
||||||||
|
||||||||
General Electric Company
|
||||||||
(Exact name of registrant as specified in its charter)
|
||||||||
|
||||||||
New York
|
001-00035
|
14-0689340
|
||||||
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
||||||
|
||||||||
3135 Easton Turnpike, Fairfield, Connecticut
|
06828-0001
|
|||||||
(Address of principal executive offices)
|
(Zip Code)
|
|||||||
|
||||||||
Registrant's telephone number, including area code (203) 373-2211
|
||||||||
|
||||||||
(Former name or former address, if changed since last report.)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
General Electric Company
|
|||
(Registrant)
|
|||
|
|||
Date: January 23, 2015
|
/s/ Jan R. Hauser
|
||
Jan R. Hauser
Vice President and Controller
|
GENERAL ELECTRIC COMPANY
|
||||||||||||||||||||||||
CONDENSED STATEMENT OF EARNINGS
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
||||||||||||||||||||||
Three months ended December 31
|
2014
|
2013
|
V%
|
2014
|
2013
|
V%
|
2014
|
2013
|
V%
|
|||||||||||||||
Revenues and other income
|
||||||||||||||||||||||||
Sales of goods and services
|
$
|
30,920
|
$
|
28,701
|
8%
|
$
|
31,046
|
$
|
28,826
|
8%
|
$
|
32
|
$
|
36
|
(11)%
|
|||||||||
Other income
|
(14)
|
1,026
|
18
|
993
|
-
|
-
|
||||||||||||||||||
GECC earnings from continuing operations
|
-
|
-
|
2,052
|
2,493
|
-
|
-
|
||||||||||||||||||
GECC revenues from services
|
11,098
|
10,655
|
-
|
-
|
11,480
|
11,041
|
||||||||||||||||||
Total revenues and other income
|
42,004
|
40,382
|
4%
|
33,116
|
32,312
|
2%
|
11,512
|
11,077
|
4%
|
|||||||||||||||
Costs and expenses
|
||||||||||||||||||||||||
Cost of sales
|
23,043
|
21,880
|
23,179
|
22,006
|
23
|
33
|
||||||||||||||||||
Interest and other financial charges
|
2,366
|
2,468
|
437
|
345
|
2,072
|
2,273
|
||||||||||||||||||
Investment contracts, insurance losses and
|
||||||||||||||||||||||||
insurance annuity benefits
|
608
|
654
|
-
|
-
|
637
|
648
|
||||||||||||||||||
Provision for losses on financing receivables
|
1,098
|
1,562
|
-
|
-
|
1,098
|
1,562
|
||||||||||||||||||
Other costs and expenses
|
8,810
|
9,159
|
3,616
|
4,225
|
5,435
|
5,145
|
||||||||||||||||||
Total costs and expenses
|
35,925
|
35,723
|
1%
|
27,232
|
26,576
|
2%
|
9,265
|
9,661
|
(4)%
|
|||||||||||||||
Earnings from continuing operations
|
||||||||||||||||||||||||
before income taxes
|
6,079
|
4,659
|
30%
|
5,884
|
5,736
|
3%
|
2,247
|
1,416
|
59%
|
|||||||||||||||
Benefit (provision) for income taxes
|
(600)
|
490
|
(491)
|
(602)
|
(109)
|
1,092
|
||||||||||||||||||
Earnings from continuing operations
|
5,479
|
5,149
|
6%
|
5,393
|
5,134
|
5%
|
2,138
|
2,508
|
(15)%
|
|||||||||||||||
Earnings (loss) from discontinued
|
||||||||||||||||||||||||
operations, net of taxes
|
(140)
|
(1,785)
|
(140)
|
(1,785)
|
(140)
|
(1,720)
|
||||||||||||||||||
Net earnings
|
5,339
|
3,364
|
59%
|
5,253
|
3,349
|
57%
|
1,998
|
788
|
F
|
|||||||||||||||
Less net earnings (loss) attributable to
|
||||||||||||||||||||||||
noncontrolling interests
|
187
|
158
|
101
|
143
|
86
|
15
|
||||||||||||||||||
Net earnings attributable
|
||||||||||||||||||||||||
to the Company
|
5,152
|
3,206
|
61%
|
5,152
|
3,206
|
61%
|
1,912
|
773
|
F
|
|||||||||||||||
Preferred stock dividends declared
|
-
|
-
|
-
|
-
|
(161)
|
(163)
|
||||||||||||||||||
Net earnings attributable to
|
||||||||||||||||||||||||
GE common shareowners
|
$
|
5,152
|
$
|
3,206
|
61%
|
$
|
5,152
|
$
|
3,206
|
61%
|
$
|
1,751
|
$
|
610
|
F
|
|||||||||
Amounts attributable to GE common
|
||||||||||||||||||||||||
shareowners:
|
||||||||||||||||||||||||
Earnings from continuing operations
|
$
|
5,479
|
$
|
5,149
|
6%
|
$
|
5,393
|
$
|
5,134
|
5%
|
$
|
2,138
|
$
|
2,508
|
(15)%
|
|||||||||
Less net earnings (loss) attributable
|
||||||||||||||||||||||||
to noncontrolling interests
|
187
|
158
|
101
|
143
|
86
|
15
|
||||||||||||||||||
Earnings from continuing operations
|
||||||||||||||||||||||||
attributable to the Company
|
5,292
|
4,991
|
6%
|
5,292
|
4,991
|
6%
|
2,052
|
2,493
|
(18)%
|
|||||||||||||||
GECC preferred stock dividends declared
|
-
|
-
|
-
|
-
|
(161)
|
(163)
|
||||||||||||||||||
Earnings from continuing operations
|
||||||||||||||||||||||||
attributable to GE common shareowners
|
5,292
|
4,991
|
6%
|
5,292
|
4,991
|
6%
|
1,891
|
2,330
|
(19)%
|
|||||||||||||||
Earnings (loss) from discontinued
|
||||||||||||||||||||||||
operations, net of taxes
|
(140)
|
(1,785)
|
(140)
|
(1,785)
|
(140)
|
(1,720)
|
||||||||||||||||||
Net earnings attributable to GE
|
||||||||||||||||||||||||
common shareowners
|
$
|
5,152
|
$
|
3,206
|
61%
|
$
|
5,152
|
$
|
3,206
|
61%
|
$
|
1,751
|
$
|
610
|
F
|
|||||||||
Per-share amounts - earnings from
|
||||||||||||||||||||||||
continuing operations
|
||||||||||||||||||||||||
Diluted earnings per share
|
$
|
0.52
|
$
|
0.49
|
6%
|
|||||||||||||||||||
Basic earnings per share
|
$
|
0.53
|
$
|
0.49
|
8%
|
|||||||||||||||||||
Per-share amounts - net earnings
|
||||||||||||||||||||||||
Diluted earnings per share
|
$
|
0.51
|
$
|
0.32
|
59%
|
|||||||||||||||||||
Basic earnings per share
|
$
|
0.51
|
$
|
0.32
|
59%
|
|||||||||||||||||||
Total average equivalent shares
|
||||||||||||||||||||||||
Diluted earnings
|
10,127
|
10,162
|
-%
|
|||||||||||||||||||||
Basic earnings
|
10,050
|
10,090
|
-%
|
|||||||||||||||||||||
Dividends declared per common share
|
$
|
0.23
|
$
|
0.22
|
5%
|
|||||||||||||||||||
Amounts attributable to GE
|
||||||||||||||||||||||||
common shareowners:
|
||||||||||||||||||||||||
Earnings from continuing operations
|
$
|
5,292
|
$
|
4,991
|
6%
|
|||||||||||||||||||
Adjustment (net of tax): non-operating
|
||||||||||||||||||||||||
pension costs/(income)
|
343
|
426
|
||||||||||||||||||||||
Operating earnings (non-GAAP measure)
|
$
|
5,635
|
$
|
5,417
|
4%
|
|||||||||||||||||||
Operating earnings - diluted
|
||||||||||||||||||||||||
earnings per share
|
$
|
0.56
|
$
|
0.53
|
6%
|
(a) | Refers to the Industrial businesses of the Company including GECC on an equity basis. |
GENERAL ELECTRIC COMPANY
|
||||||||||||||||||||||||
CONDENSED STATEMENT OF EARNINGS
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
||||||||||||||||||||||
Twelve months ended December 31
|
2014
|
2013
|
V%
|
2014
|
2013
|
V%
|
2014
|
2013
|
V%
|
|||||||||||||||
Revenues and other income
|
||||||||||||||||||||||||
Sales of goods and services
|
$
|
106,758
|
$
|
100,542
|
6%
|
$
|
107,308
|
$
|
101,014
|
6%
|
$
|
121
|
$
|
126
|
(4)%
|
|||||||||
Other income
|
778
|
3,108
|
707
|
2,886
|
-
|
-
|
||||||||||||||||||
GECC earnings from continuing operations
|
-
|
-
|
7,341
|
8,258
|
-
|
-
|
||||||||||||||||||
GECC revenues from services
|
41,053
|
42,395
|
-
|
-
|
42,604
|
43,941
|
||||||||||||||||||
Total revenues and other income
|
148,589
|
146,045
|
2%
|
115,356
|
112,158
|
3%
|
42,725
|
44,067
|
(3)%
|
|||||||||||||||
Costs and expenses
|
||||||||||||||||||||||||
Cost of sales
|
81,311
|
77,141
|
81,877
|
77,630
|
104
|
108
|
||||||||||||||||||
Interest and other financial charges
|
9,482
|
10,116
|
1,579
|
1,333
|
8,397
|
9,267
|
||||||||||||||||||
Investment contracts, insurance losses and
|
||||||||||||||||||||||||
insurance annuity benefits
|
2,548
|
2,676
|
-
|
-
|
2,678
|
2,779
|
||||||||||||||||||
Provision for losses on financing receivables
|
3,993
|
4,818
|
-
|
-
|
3,993
|
4,818
|
||||||||||||||||||
Other costs and expenses
|
34,026
|
35,143
|
14,971
|
16,105
|
19,912
|
19,776
|
||||||||||||||||||
Total costs and expenses
|
131,360
|
129,894
|
1%
|
98,427
|
95,068
|
4%
|
35,084
|
36,748
|
(5)%
|
|||||||||||||||
Earnings from continuing operations
|
||||||||||||||||||||||||
before income taxes
|
17,229
|
16,151
|
7%
|
16,929
|
17,090
|
(1)%
|
7,641
|
7,319
|
4%
|
|||||||||||||||
Benefit (provision) for income taxes
|
(1,772)
|
(676)
|
(1,634)
|
(1,668)
|
(138)
|
992
|
||||||||||||||||||
Earnings from continuing operations
|
15,457
|
15,475
|
-%
|
15,295
|
15,422
|
(1)%
|
7,503
|
8,311
|
(10)%
|
|||||||||||||||
Earnings (loss) from discontinued
|
||||||||||||||||||||||||
operations, net of taxes
|
(112)
|
(2,120)
|
(112)
|
(2,120)
|
(107)
|
(2,054)
|
||||||||||||||||||
Net earnings
|
15,345
|
13,355
|
15%
|
15,183
|
13,302
|
14%
|
7,396
|
6,257
|
18%
|
|||||||||||||||
Less net earnings (loss) attributable to
|
||||||||||||||||||||||||
noncontrolling interests
|
112
|
298
|
(50)
|
245
|
162
|
53
|
||||||||||||||||||
Net earnings attributable to
|
||||||||||||||||||||||||
the Company
|
15,233
|
13,057
|
17%
|
15,233
|
13,057
|
17%
|
7,234
|
6,204
|
17%
|
|||||||||||||||
Preferred stock dividends declared
|
-
|
-
|
-
|
-
|
(322)
|
(298)
|
||||||||||||||||||
Net earnings attributable to
|
||||||||||||||||||||||||
GE common shareowners
|
$
|
15,233
|
$
|
13,057
|
17%
|
$
|
15,233
|
$
|
13,057
|
17%
|
$
|
6,912
|
$
|
5,906
|
17%
|
|||||||||
Amounts attributable to GE common
|
||||||||||||||||||||||||
shareowners:
|
||||||||||||||||||||||||
Earnings from continuing operations
|
$
|
15,457
|
$
|
15,475
|
-%
|
$
|
15,295
|
$
|
15,422
|
(1)%
|
$
|
7,503
|
$
|
8,311
|
(10)%
|
|||||||||
Less net earnings (loss) attributable
|
||||||||||||||||||||||||
to noncontrolling interests
|
112
|
298
|
(50)
|
245
|
162
|
53
|
||||||||||||||||||
Earnings from continuing operations
|
||||||||||||||||||||||||
attributable to the Company
|
15,345
|
15,177
|
1%
|
15,345
|
15,177
|
1%
|
7,341
|
8,258
|
(11)%
|
|||||||||||||||
GECC preferred stock dividends declared
|
-
|
-
|
-
|
-
|
(322)
|
(298)
|
||||||||||||||||||
Earnings from continuing operations
|
||||||||||||||||||||||||
attributable to GE common shareowners
|
15,345
|
15,177
|
1%
|
15,345
|
15,177
|
1%
|
7,019
|
7,960
|
(12)%
|
|||||||||||||||
Earnings (loss) from discontinued
|
||||||||||||||||||||||||
operations, net of taxes
|
(112)
|
(2,120)
|
(112)
|
(2,120)
|
(107)
|
(2,054)
|
||||||||||||||||||
Net earnings attributable to GE
|
||||||||||||||||||||||||
common shareowners
|
$
|
15,233
|
$
|
13,057
|
17%
|
$
|
15,233
|
$
|
13,057
|
17%
|
$
|
6,912
|
$
|
5,906
|
17%
|
|||||||||
Per-share amounts - earnings from
|
||||||||||||||||||||||||
continuing operations
|
||||||||||||||||||||||||
Diluted earnings per share
|
$
|
1.51
|
$
|
1.47
|
3%
|
|||||||||||||||||||
Basic earnings per share
|
$
|
1.53
|
$
|
1.48
|
3%
|
|||||||||||||||||||
Per-share amounts - net earnings
|
||||||||||||||||||||||||
Diluted earnings per share
|
$
|
1.50
|
$
|
1.27
|
18%
|
|||||||||||||||||||
Basic earnings per share
|
$
|
1.51
|
$
|
1.28
|
18%
|
|||||||||||||||||||
Total average equivalent shares
|
||||||||||||||||||||||||
Diluted earnings
|
10,123
|
10,289
|
(2)%
|
|||||||||||||||||||||
Basic earnings
|
10,045
|
10,222
|
(2)%
|
|||||||||||||||||||||
Dividends declared per common share
|
$
|
0.89
|
$
|
0.79
|
13%
|
|||||||||||||||||||
Amounts attributable to GE
|
||||||||||||||||||||||||
common shareowners:
|
||||||||||||||||||||||||
Earnings from continuing operations
|
$
|
15,345
|
$
|
15,177
|
1%
|
|||||||||||||||||||
Adjustment (net of tax): non-operating
|
||||||||||||||||||||||||
pension costs/(income)
|
1,378
|
1,705
|
||||||||||||||||||||||
Operating earnings (non-GAAP measure)
|
$
|
16,723
|
$
|
16,882
|
(1)%
|
|||||||||||||||||||
Operating earnings - diluted
|
||||||||||||||||||||||||
earnings per share
|
$
|
1.65
|
$
|
1.64
|
1%
|
(a) | Refers to the Industrial businesses of the Company including GECC on an equity basis. |
GENERAL ELECTRIC COMPANY
|
|||||||||||||||
SUMMARY OF OPERATING SEGMENTS
|
|||||||||||||||
(unaudited)
|
|||||||||||||||
Three months ended December 31
|
Twelve months ended December 31
|
||||||||||||||
(Dollars in millions)
|
2014
|
2013
|
V%
|
2014
|
2013
|
V%
|
|||||||||
Revenues(a)
|
|||||||||||||||
Power & Water
|
$
|
9,388
|
$
|
7,686
|
22%
|
$
|
27,564
|
$
|
24,724
|
11%
|
|||||
Oil & Gas
|
5,010
|
5,306
|
(6)%
|
18,676
|
16,975
|
10%
|
|||||||||
Energy Management
|
1,978
|
2,012
|
(2)%
|
7,319
|
7,569
|
(3)%
|
|||||||||
Aviation
|
6,424
|
6,170
|
4%
|
23,990
|
21,911
|
9%
|
|||||||||
Healthcare
|
5,133
|
5,117
|
-%
|
18,299
|
18,200
|
1%
|
|||||||||
Transportation
|
1,577
|
1,460
|
8%
|
5,650
|
5,885
|
(4)%
|
|||||||||
Appliances & Lighting
|
2,310
|
2,196
|
5%
|
8,404
|
8,338
|
1%
|
|||||||||
Total industrial segment revenues
|
31,820
|
29,947
|
6%
|
109,902
|
103,602
|
6%
|
|||||||||
GE Capital
|
11,512
|
11,077
|
4%
|
42,725
|
44,067
|
(3)%
|
|||||||||
Total segment revenues
|
43,332
|
41,024
|
6%
|
152,627
|
147,669
|
3%
|
|||||||||
Corporate items and eliminations(a)
|
(1,328)
|
(642)
|
U
|
(4,038)
|
(1,624)
|
U
|
|||||||||
Consolidated revenues and other income
|
|||||||||||||||
from continuing operations
|
$
|
42,004
|
$
|
40,382
|
4%
|
$
|
148,589
|
$
|
146,045
|
2%
|
|||||
Segment profit(a)
|
|||||||||||||||
Power & Water
|
$
|
2,140
|
$
|
1,897
|
13%
|
$
|
5,352
|
$
|
4,992
|
7%
|
|||||
Oil & Gas
|
814
|
802
|
1%
|
2,585
|
2,178
|
19%
|
|||||||||
Energy Management
|
113
|
46
|
F
|
246
|
110
|
F
|
|||||||||
Aviation
|
1,397
|
1,251
|
12%
|
4,973
|
4,345
|
14%
|
|||||||||
Healthcare
|
1,020
|
1,062
|
(4)%
|
3,047
|
3,048
|
-%
|
|||||||||
Transportation
|
316
|
280
|
13%
|
1,130
|
1,166
|
(3)%
|
|||||||||
Appliances & Lighting
|
188
|
142
|
32%
|
431
|
381
|
13%
|
|||||||||
Total industrial segment profit
|
5,988
|
5,480
|
9%
|
17,764
|
16,220
|
10%
|
|||||||||
GE Capital
|
1,891
|
2,330
|
(19)%
|
7,019
|
7,960
|
(12)%
|
|||||||||
Total segment profit
|
7,879
|
7,810
|
1%
|
24,783
|
24,180
|
2%
|
|||||||||
Corporate items and eliminations(a)
|
(1,659)
|
(1,872)
|
11%
|
(6,225)
|
(6,002)
|
(4)%
|
|||||||||
GE interest and other financial charges
|
(437)
|
(345)
|
(27)%
|
(1,579)
|
(1,333)
|
(18)%
|
|||||||||
GE provision for income taxes
|
(491)
|
(602)
|
18%
|
(1,634)
|
(1,668)
|
2%
|
|||||||||
Earnings from continuing operations
|
|||||||||||||||
attributable to the Company
|
5,292
|
4,991
|
6%
|
15,345
|
15,177
|
1%
|
|||||||||
Earnings (loss) from discontinued operations,
|
|||||||||||||||
net of taxes
|
(140)
|
(1,785)
|
92%
|
(112)
|
(2,120)
|
95%
|
|||||||||
Consolidated net earnings attributable to
|
|||||||||||||||
the Company
|
$
|
5,152
|
$
|
3,206
|
61%
|
$
|
15,233
|
$
|
13,057
|
17%
|
|||||
(a)
|
Segment revenues includes both revenues and other income related to the segment. Segment profit excludes results reported as discontinued operations, the portion of earnings attributable to noncontrolling interests of consolidated subsidiaries, and accounting changes. Segment profit excludes or includes interest and other financial charges and income taxes according to how a particular segment's management is measured – excluded in determining segment profit, which we sometimes refer to as "operating profit," for Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation and Appliances & Lighting; included in determining segment profit, which we sometimes refer to as "net earnings," for GE Capital. Certain corporate costs, such as shared services, employee benefits and information technology are allocated to our segments based on usage. A portion of the remaining corporate costs are allocated based on each segment's relative net cost of operations. Effective in the second quarter of 2014, we began reporting our GE Capital segment results including the effects of the GECC preferred stock dividends. The cost of these dividends had previously been reported in the GE Corporate Items and Eliminations line in the Company's Summary of Operating Segments table. Presenting GE Capital segment results including the effects of the GECC preferred stock dividends aligns the way management currently measures the results of our financial services business. Prior-period information has been reclassified to be consistent with how we currently measure GE Capital.
|
GENERAL ELECTRIC COMPANY
|
|||||||||||||||||||||||||||||||||
SUMMARY OF OPERATING SEGMENTS
|
|||||||||||||||||||||||||||||||||
Additional Information
|
|||||||||||||||||||||||||||||||||
(unaudited)
|
|||||||||||||||||||||||||||||||||
Three months ended December 31
|
Twelve months ended December 31
|
||||||||||||||||||||||||||||||||
(Dollars in millions)
|
2014
|
2013
|
V%
|
2014
|
2013
|
V%
|
|||||||||||||||||||||||||||
GE Capital
|
|||||||||||||||||||||||||||||||||
Revenues
|
$
|
11,512
|
$
|
11,077
|
4%
|
$
|
42,725
|
$
|
44,067
|
(3)%
|
|||||||||||||||||||||||
Segment profit
|
$
|
1,891
|
$
|
2,330
|
(19)%
|
$
|
7,019
|
$
|
7,960
|
(12)%
|
|||||||||||||||||||||||
Revenues
|
|||||||||||||||||||||||||||||||||
Commercial Lending and Leasing (CLL)
|
$
|
3,756
|
$
|
3,225
|
16%
|
$
|
14,630
|
$
|
14,316
|
2%
|
|||||||||||||||||||||||
Consumer
|
4,201
|
4,583
|
(8)%
|
15,023
|
15,741
|
(5)%
|
|||||||||||||||||||||||||||
Real Estate
|
977
|
697
|
40%
|
2,969
|
3,915
|
(24)%
|
|||||||||||||||||||||||||||
Energy Financial Services
|
577
|
442
|
31%
|
1,697
|
1,526
|
11%
|
|||||||||||||||||||||||||||
GE Capital Aviation Services (GECAS)
|
1,290
|
1,373
|
(6)%
|
5,242
|
5,346
|
(2)%
|
|||||||||||||||||||||||||||
Segment profit
|
|||||||||||||||||||||||||||||||||
CLL
|
$
|
549
|
$
|
263
|
F
|
$
|
2,271
|
$
|
1,965
|
16%
|
|||||||||||||||||||||||
Consumer
|
1,137
|
2,057
|
(45)%
|
3,016
|
4,319
|
(30)%
|
|||||||||||||||||||||||||||
Real Estate
|
299
|
128
|
F
|
1,002
|
1,717
|
(42)%
|
|||||||||||||||||||||||||||
Energy Financial Services
|
111
|
117
|
(5)%
|
401
|
410
|
(2)%
|
|||||||||||||||||||||||||||
GECAS
|
218
|
71
|
F
|
1,046
|
896
|
17%
|
GENERAL ELECTRIC COMPANY
|
|||||||||||||||||||||||||||||||||
CONDENSED STATEMENT OF FINANCIAL POSITION
|
|||||||||||||||||||||||||||||||||
(unaudited)
|
|||||||||||||||||||||||||||||||||
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
|||||||||||||||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||||||||||||||
(Dollars in billions)
|
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
|||||||||||||||||||||||||||
Assets
|
|||||||||||||||||||||||||||||||||
Cash & marketable securities
|
$
|
138.1
|
$
|
132.5
|
$
|
16.0
|
$
|
14.0
|
$
|
122.1
|
$
|
118.5
|
|||||||||||||||||||||
Receivables
|
23.2
|
21.4
|
11.5
|
11.0
|
-
|
-
|
|||||||||||||||||||||||||||
Inventories
|
17.7
|
17.3
|
17.6
|
17.3
|
0.1
|
0.1
|
|||||||||||||||||||||||||||
Financing receivables – net
|
224.8
|
241.9
|
-
|
-
|
237.0
|
253.0
|
|||||||||||||||||||||||||||
Property, plant and equipment – net
|
66.4
|
68.8
|
17.2
|
17.6
|
49.6
|
51.6
|
|||||||||||||||||||||||||||
Investment in GECC
|
-
|
-
|
82.5
|
77.7
|
-
|
-
|
|||||||||||||||||||||||||||
Goodwill & intangible assets
|
90.7
|
92.0
|
64.5
|
64.6
|
26.2
|
27.3
|
|||||||||||||||||||||||||||
Other assets
|
79.9
|
80.3
|
33.6
|
28.8
|
54.3
|
59.1
|
|||||||||||||||||||||||||||
Assets of businesses held for sale
|
6.3
|
0.1
|
2.8
|
-
|
3.5
|
0.1
|
|||||||||||||||||||||||||||
Assets of discontinued operations
|
1.2
|
2.3
|
-
|
-
|
1.2
|
2.3
|
|||||||||||||||||||||||||||
Total assets
|
$
|
648.3
|
$
|
656.6
|
$
|
245.7
|
$
|
231.0
|
$
|
494.0
|
$
|
512.0
|
|||||||||||||||||||||
Liabilities and equity
|
|||||||||||||||||||||||||||||||||
Borrowings and bank deposits
|
$
|
365.0
|
$
|
383.0
|
$
|
16.3
|
$
|
13.4
|
$
|
349.5
|
$
|
371.1
|
|||||||||||||||||||||
Investment contracts, insurance liabilities
|
|||||||||||||||||||||||||||||||||
and insurance annuity benefits
|
27.6
|
26.5
|
-
|
-
|
28.0
|
27.0
|
|||||||||||||||||||||||||||
Other liabilities
|
114.2
|
106.4
|
98.7
|
86.1
|
22.6
|
27.0
|
|||||||||||||||||||||||||||
Liabilities of businesses held for sale
|
3.4
|
-
|
1.5
|
-
|
2.4
|
-
|
|||||||||||||||||||||||||||
Liabilities of discontinued operations
|
1.2
|
3.9
|
0.1
|
0.1
|
1.1
|
3.8
|
|||||||||||||||||||||||||||
Total GE shareowners' equity
|
128.2
|
130.6
|
128.2
|
130.6
|
87.5
|
82.7
|
|||||||||||||||||||||||||||
Noncontrolling interests
|
8.7
|
6.2
|
0.8
|
0.8
|
2.9
|
0.4
|
|||||||||||||||||||||||||||
Total liabilities and equity
|
$
|
648.3
|
$
|
656.6
|
$
|
245.7
|
$
|
231.0
|
$
|
494.0
|
$
|
512.0
|
|||||||||||||||||||||
(a) | Refers to the Industrial businesses of the Company including GECC on an equity basis. |
·
|
Operating earnings and operating earnings per share (EPS)
|
·
|
Industrial operating earnings, GE Capital operating earnings, Industrial operating EPS and GE Capital operating EPS
|
·
|
Industrial segment organic revenue growth
|
·
|
GE Capital ending net investment (ENI), excluding liquidity
|
·
|
Industrial cash flows from operating activities (Industrial CFOA) and Industrial CFOA excluding effects of NBCU deal-related taxes
|
·
|
Oil & Gas organic revenue and profit growth
|
OPERATING EARNINGS AND OPERATING EARNINGS PER SHARE (EPS)
|
|||||||||||||||
Three months ended December 31
|
Twelve months ended December 31
|
||||||||||||||
(Dollars in millions; except earnings per share)
|
2014
|
2013
|
V%
|
2014
|
2013
|
V%
|
|||||||||
Earnings from continuing operations attributable to GE
|
$
|
5,292
|
$
|
4,991
|
6%
|
$
|
15,345
|
$
|
15,177
|
1%
|
|||||
Adjustment (net of tax): non-operating pension costs/(income)
|
343
|
426
|
1,378
|
1,705
|
|||||||||||
Operating earnings
|
$
|
5,635
|
$
|
5,417
|
4%
|
$
|
16,723
|
$
|
16,882
|
(1%)
|
|||||
Earnings per share – diluted(a)
|
|||||||||||||||
Continuing earnings per share
|
$
|
0.52
|
$
|
0.49
|
6%
|
$
|
1.51
|
$
|
1.47
|
3%
|
|||||
Adjustment (net of tax): non-operating pension costs/(income)
|
0.03
|
0.04
|
0.14
|
0.16
|
|||||||||||
Operating earnings per share
|
$
|
0.56
|
$
|
0.53
|
6%
|
$
|
1.65
|
$
|
1.64
|
1%
|
|||||
(a)
|
Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total.
|
INDUSTRIAL OPERATING EARNINGS, GE CAPITAL OPERATING EARNINGS,
|
|||||||||||||||
INDUSTRIAL OPERATING EPS AND GE CAPITAL OPERATING EPS
|
|||||||||||||||
Three months ended December 31
|
Twelve months ended December 31
|
||||||||||||||
(Dollars in millions; except earnings per share)
|
2014
|
2013
|
V%
|
2014
|
2013
|
V%
|
|||||||||
Earnings from continuing operations attributable to GE
|
$
|
5,292
|
$
|
4,991
|
$
|
15,345
|
$
|
15,177
|
|||||||
Adjustments (net of tax): non-operating pension costs (income)
|
343
|
426
|
1,378
|
1,705
|
|||||||||||
Operating earnings
|
5,635
|
5,417
|
4%
|
16,723
|
16,882
|
(1)%
|
|||||||||
Less GECC earnings from continuing operations
|
|||||||||||||||
attributable to GE common shareowners
|
1,891
|
2,330
|
7,019
|
7,960
|
|||||||||||
Operating earnings excluding GECC earnings from continuing
|
|||||||||||||||
operations attributable to GE common shareowners
|
|||||||||||||||
(Industrial operating earnings)
|
$
|
3,744
|
$
|
3,087
|
21%
|
$
|
9,704
|
$
|
8,922
|
9%
|
|||||
Operating earnings less Industrial operating
|
|||||||||||||||
earnings (GE Capital operating earnings)
|
1,891
|
2,330
|
(19)%
|
7,019
|
7,960
|
(12)%
|
|||||||||
Operating earnings
|
5,635
|
5,417
|
16,723
|
16,882
|
|||||||||||
|
|||||||||||||||
Industrial operating earnings as a percentage of
|
|||||||||||||||
operating earnings
|
66%
|
57%
|
58%
|
53%
|
|||||||||||
GE Capital earnings as a percentage of operating earnings
|
34%
|
43%
|
42%
|
47%
|
|||||||||||
Allocated portion of operating EPS attributable
|
|||||||||||||||
to Industrial (Industrial operating EPS)
|
$
|
0.37
|
$
|
0.30
|
23%
|
$
|
0.96
|
$
|
0.87
|
10%
|
|||||
Allocated portion of operating EPS attributable
|
|||||||||||||||
to GE Capital (GE Capital operating EPS)
|
0.19
|
0.23
|
(17)%
|
0.69
|
0.77
|
(10)%
|
|||||||||
Total operating EPS
|
$
|
0.56
|
$
|
0.53
|
6%
|
$
|
1.65
|
$
|
1.64
|
1%
|
|||||
INDUSTRIAL SEGMENT ORGANIC REVENUE GROWTH
|
||||||||
Three Months Ended December 31
|
||||||||
(Dollars in millions)
|
2014
|
2013
|
V%
|
|||||
Segment revenues:
|
||||||||
Power & Water
|
$
|
9,388
|
$
|
7,686
|
||||
Oil & Gas
|
5,010
|
5,306
|
||||||
Energy Management
|
1,978
|
2,012
|
||||||
Aviation
|
6,424
|
6,170
|
||||||
Healthcare
|
5,133
|
5,117
|
||||||
Transportation
|
1,577
|
1,460
|
||||||
Appliances & Lighting
|
2,310
|
2,196
|
||||||
Industrial segment revenues
|
31,820
|
29,947
|
6%
|
|||||
Less the effects of:
|
||||||||
Acquisitions, business dispositions (other than
|
||||||||
dispositions of businesses acquired for investment)
|
||||||||
and currency exchange rates
|
(417)
|
446
|
||||||
Industrial segment revenues excluding effects of acquisitions,
|
||||||||
business dispositions (other than dispositions of
|
||||||||
businesses acquired for investment) and currency
|
||||||||
exchange rates (Industrial segment organic revenues)
|
$
|
32,237
|
$
|
29,501
|
9%
|
|||
Twelve Months Ended December 31
|
||||||||
(Dollars in millions)
|
2014
|
2013
|
V%
|
|||||
Segment revenues:
|
||||||||
Power & Water
|
$
|
27,564
|
$
|
24,724
|
||||
Oil & Gas
|
18,676
|
16,975
|
||||||
Energy Management
|
7,319
|
7,569
|
||||||
Aviation
|
23,990
|
21,911
|
||||||
Healthcare
|
18,299
|
18,200
|
||||||
Transportation
|
5,650
|
5,885
|
||||||
Appliances & Lighting
|
8,404
|
8,338
|
||||||
Industrial segment revenues
|
109,902
|
103,602
|
6%
|
|||||
Less the effects of:
|
||||||||
Acquisitions, business dispositions (other than
|
||||||||
dispositions of businesses acquired for investment)
|
||||||||
and currency exchange rates
|
1,871
|
2,175
|
||||||
Industrial segment revenues excluding effects of acquisitions,
|
||||||||
business dispositions (other than dispositions of
|
||||||||
businesses acquired for investment) and currency
|
||||||||
exchange rates (Industrial segment organic revenues)
|
$
|
108,031
|
$
|
101,427
|
7%
|
|||
GE CAPITAL ENDING NET INVESTMENT (ENI), EXCLUDING LIQUIDITY
|
||||||||
(Dollars in billions)
|
December 31, 2014
|
September 30, 2014
|
December 31, 2013
|
|||||
Financial Services (GECC) total assets
|
$
|
494.0
|
$
|
501.2
|
$
|
512.0
|
||
Adjustment: deferred income taxes
|
6.2
|
5.7
|
4.8
|
|||||
GECC total assets
|
500.2
|
506.9
|
516.8
|
|||||
Less assets of discontinued operations
|
1.2
|
1.3
|
2.3
|
|||||
Less non-interest bearing liabilities
|
60.5
|
60.9
|
59.3
|
|||||
GE Capital ENI
|
438.5
|
444.7
|
455.2
|
|||||
Less liquidity(a)
|
75.5
|
79.9
|
74.9
|
|||||
GE Capital ENI, excluding liquidity
|
$
|
363.0
|
$
|
364.8
|
$
|
380.3
|
||
Variance to September 30, 2014
|
$
|
(1.8)
|
||||||
Percentage variance to September 30, 2014
|
-%
|
|||||||
Variance to December 31, 2013
|
$
|
(17.3)
|
||||||
Percentage variance to December 31, 2013
|
(5)%
|
|||||||
(a)
|
Liquidity includes cash and equivalents and $1.2 billion of debt obligations of the U.S. Treasury at December 31, 2014.
|
INDUSTRIAL CASH FLOWS FROM OPERATING ACTIVITIES (INDUSTRIAL CFOA) AND INDUSTRIAL CFOA EXCLUDING THE EFFECTS OF NBCU DEAL-RELATED TAXES
|
|||||||||||||||
Three months ended December 31
|
Twelve months ended December 31
|
||||||||||||||
(Dollars in millions)
|
2014
|
2013
|
V%
|
2014
|
2013
|
V%
|
|||||||||
Cash from GE's operating activities (continuing operations),
|
|||||||||||||||
as reported
|
$
|
7,996
|
$
|
6,427
|
24%
|
$
|
15,171
|
$
|
14,255
|
6%
|
|||||
Less dividends from GECC
|
779
|
2,038
|
3,000
|
5,985
|
|||||||||||
Cash from GE's operating activities (continuing operations),
|
|||||||||||||||
excluding dividends from GECC (Industrial CFOA)
|
$
|
7,217
|
$
|
4,389
|
64%
|
$
|
12,171
|
$
|
8,270
|
47%
|
|||||
Adjustment: effects of NBCU deal-related taxes
|
1,168
|
3,184
|
|||||||||||||
Industrial CFOA excluding effects of NBCU deal-related taxes
|
7,217
|
5,557
|
30%
|
12,171
|
11,454
|
6%
|
|||||||||
OIL & GAS ORGANIC REVENUE GROWTH
|
||||||||
Three Months Ended December 31
|
||||||||
(Dollars in millions)
|
2014
|
2013
|
V%
|
|||||
Oil & Gas segment revenue
|
$
|
5,010
|
$
|
5,306
|
(6)%
|
|||
Less the effects of:
|
||||||||
Acquisitions, business dispositions (other than
|
||||||||
dispositions of businesses acquired for investment)
|
||||||||
and currency exchange rates
|
(78)
|
221
|
||||||
Oil & Gas revenues excluding effects of acquisitions,
|
||||||||
business dispositions (other than dispositions of
|
||||||||
businesses acquired for investment) and currency
|
||||||||
exchange rates (Oil & Gas organic revenue)
|
$
|
5,088
|
$
|
5,085
|
-%
|
|||
OIL & GAS ORGANIC PROFIT GROWTH
|
||||||||
Three Months Ended December 31
|
||||||||
(Dollars in millions)
|
2014
|
2013
|
V%
|
|||||
Oil & Gas segment profit
|
$
|
814
|
$
|
802
|
1%
|
|||
Less the effects of:
|
||||||||
Acquisitions, business dispositions (other than
|
||||||||
dispositions of businesses acquired for investment)
|
||||||||
and currency exchange rates
|
(20)
|
18
|
||||||
Oil & Gas segment profit excluding effects of acquisitions,
|
||||||||
business dispositions (other than dispositions of
|
||||||||
businesses acquired for investment) and currency
|
||||||||
exchange rates (Oil & Gas organic profit)
|
$
|
834
|
$
|
784
|
6%
|
|||
1 Year GE Aerospace Chart |
1 Month GE Aerospace Chart |
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