GE Delivers Third-Quarter Earnings of $4.1 Billion On 9% Revenue Growth; Cash Flow Ex-Progress Increases 16%.Business Editors FAIRFIELD Fairfield. 1 City (1990 pop. 12,200), Jefferson co., N central Ala., an industrial suburb of Birmingham; inc. 1919. Founded (1910) by the United States Steel Corp., its steel industry has greatly declined, negatively affecting the city's economy. , Conn.--(BUSINESS WIRE)--Oct. 11, 2002 GE's third-quarter 2002 earnings of $4.1 billion, or $.41 per share, increased 25% over third quarter 2001, and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses , excluding progress collections, increased 16%, GE Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jeff Immelt announced today. "GE delivered 41 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. and strong cash flow growth in what continues to be a more difficult economic environment than anticipated," Immelt said. "We are managing through a variety of short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. challenges at some of our businesses. However, in total, GE continues to deliver. This is a tribute to the strength of the GE business model - a great set of leading businesses with strong growth capability and exceptional cash discipline." Financial highlights include: - Earnings rose 25% to $4.087 billion from $3.281 billion in third quarter 2001, and earnings per share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) increased 24% to $.41 from $.33 last year. Comparisons reflect charges in third quarter 2001 of approximately $400 million for Sept. 11-related reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. losses. Power Systems, NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. , Commercial Finance and Consumer Finance all contributed double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. earnings growth. As previously disclosed, the third quarter included a $317 million gain from the disposition of GE Global eXchange Services (GXS GXS Global Exchange Services (GE) GXS Gun X Sword (anime) ), a $156 million loss at Employers Reinsurance Corporation (ERC (database) ERC - An extended entity-relationship model. ) resulting from current-period claims and increased estimates of prior-year losses, and a $167 million loss at GE Equity. All amounts are after tax. As required by new accounting rules, as of Jan. 1, 2002, goodwill is no longer amortized. Without goodwill amortization in third quarter 2001, EPS in third quarter 2002 would have increased 14%; adjusted for two significant non-cash items, goodwill and pension income, EPS would have increased 19%. - Consolidated Revenues rose 11% over third quarter 2001 to $32.6 billion; excluding the GXS sale, revenues rose 9%. Industrial revenues, excluding the sale of GXS, grew 6%, with double-digit growth at NBC, Specialty Materials and Industrial Systems. Revenues at GE's financial services businesses were $15.0 billion, up 13%, reflecting last year's Sept. 11-related reduction in net reinsurance premiums earned. Net revenues (revenues less interest costs) at Commercial Finance, Consumer Finance and Equipment Management grew 19%. - Cash generated from GE's operating activities, excluding progress collections, was a record $9.6 billion for the first nine months of 2002, up 16% from $8.3 billion last year. Reported cash flow from operations was $5.7 billion, which, reflecting the record progress collections in 2001, was 51% lower than last year's reported $11.7 billion. GE returned $6.9 billion to shareowners in the first nine months of 2002 through $5.4 billion in dividends and $1.5 billion in share repurchases. - Operating margin in the quarter was 19.3%, up from last year's 18.9%, reflecting GE's continuing productivity gains and sales of high-margin services. For the first nine months of 2002, operating margin was 19.6%, up from last year's 19.1%. - Financial Services earnings grew to $1.551 billion, up 19% from last year's $1.301 billion. This comparison reflects the Sept. 11-related reinsurance losses in third quarter 2001. Financial Services assets totaled $473 billion at the end of the quarter, up 21% from $391 billion at the end of third quarter 2001. GE will provide more detail on third-quarter results on a conference call and Webcast to be held at 9 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT today. Call information and related charts are available at www.ge.com/investor. Among third-quarter business highlights: - GE Power Systems (GEPS GEPS General Electric Power System ) shipped 76 heavy-duty heav·y-dut·y adj. Made to withstand hard use or wear. heavy-duty Adjective made to withstand hard wear, bad weather, etc. Adj. 1. gas turbines in the quarter, including 57 from its Greenville, South Carolina
Greenville is a mid-sized city located in the upstate of South Carolina. It is the county seat of Greenville CountyGR6 facility. Revenue from customer terminations, net of costs, increased pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the quarter by $57 million, but was more than offset by restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. . GEPS Energy Services added 12 new contractual services agreements during the quarter, bringing the level of commitments to $26.5 billion, an increase of $5.9 billion, or 29 percent, over third quarter 2001. More than 1,350 gas turbines were covered by GEPS service agreements at the end of the quarter, 64% more than at the end of third quarter 2001. During the quarter GEPS completed the acquisition of Panametrics Inc., a global provider of high-technology ultrasonic testing In ultrasonic testing, very short ultrasonic pulse-waves with center frequencies ranging from 0.1-15 MHz and occasionally up to 50 MHz are launched into materials to detect internal flaws or to characterize materials. equipment and process control instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. . - GE Medical Systems (GEMS) revenues grew 7% to $2.1 billion, as some U.S. and Asia projects and financing approvals were extended into future quarters. Demand for new GEMS technology drove third quarter orders up 11%, to $2.5 billion. The new GE Voluson(TM) 730 4D and GE LOGIQBook(TM) Portable Ultrasound ultrasound or sonography, in medicine, technique that uses sound waves to study and treat hard-to-reach body areas. In scanning with ultrasound, high-frequency sound waves are transmitted to the area of interest and the returning echoes recorded System led ultrasound order growth of 20%, or $185 million. The GE Lightspeed16, GE's industry-leading 16-slice CT (computed tomography Computed tomography (CT scan) X rays are aimed at slices of the body (by rotating equipment) and results are assembled with a computer to give a three-dimensional picture of a structure. ) scanner (1) See also antivirus program. (2) An optical device that reads a printed page or transparency and converts it into a graphics image for the computer. The scanner does not recognize or differentiate in any manner the content of the material it is scanning. , drove CT orders 12% to more than $300 million. MR (magnetic resonance magnetic resonance, in physics and chemistry, phenomenon produced by simultaneously applying a steady magnetic field and electromagnetic radiation (usually radio waves) to a sample of atoms and then adjusting the frequency of the radiation and the strength of the ) orders, led by new GE EXCITE MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. systems, grew 9% to more than $305 million. X-Ray X-ray Electromagnetic radiation of extremely short wavelength (100 nanometres to 0.001 nanometre) produced by the deceleration of charged particles or the transitions of electrons in atoms. orders, fueled by demand for the GE Innova digital cardiac cardiac /car·di·ac/ (-ak) 1. pertaining to the heart. 2. pertaining to the cardia. car·di·ac adj. 1. Of, near, or relating to the heart. 2. X-ray system, grew 12% to more than $305 million. Orders for healthcare information technology systems grew 43% to more than $325 million. - GE Aircraft Engines (GEAE GEAE General Electric Aircraft Engines ) and CFMI CFMI may mean:
Snecma) won $1.0 billion in commercial engine orders in the quarter, including orders from Federal Express, Japan Airlines and COPA COPA Child Online Protection Act (US internet legislation) COPA Comerica Park (the new Tiger Stadium) COPA Canadian Owners and Pilots Association COPA Compañía Panameña de Aviación . GEAE continued to invest in a wide range of development programs, and made the first flight tests of the world's most powerful jet engine, the GE90-115B, and initial tests of the CF34-10 regional jet engine for the Embraer 190/195. The GE- ge- pref. Variant of geo-. 90 will power Boeing's extended-range 777, test flights of which will begin early next year; regional jets are the fastest-growing sector of commercial aviation. Firm and option orders for CF34 engines, including orders received in the quarter from Alitalia Alitalia Italian international airline with headquarters in Rome. Although the airline no longer commands monopoly status in its country, as of 2002 the Italian government still owned a majority share of the company. and Jet Airways Jet Airways (India) Ltd. is an airline based in Mumbai, India, operating domestic and international services. It operates over 330 daily flights to 50 destinations across the country and 6 overseas. , total $7.1 billion. During the quarter GEAE also received more than $2.3 billion in military contracts, including a multi-year $1.9 billion U.S. Navy procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. contract for the F414 engines, devices and spare modules that power the Navy's advanced F/A-8E/F E/F Educator/Facilitator Super Hornet hornet: see wasp. fighter jet. - GE Commercial Finance assets grew 34% from the prior-year period and totaled $185 billion at the end of the quarter. Asset quality remained stable in a difficult environment, with delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rates stable compared to the end of third quarter 2001. During the quarter, units of Commercial Finance agreed to acquire Deutsche Financial Services' commercial inventory financing business for $2.9 billion, and most of ABB's structured finance operations The execution of the joint finance mission to provide financial advice and guidance, support of the procurement process, providing pay support, and providing disbursing support.See also financial management. for $2.3 billion. - GE Consumer Finance assets totaled $73 billion at the end of the quarter, up 20% from third quarter 2001. Consumer Finance's disciplined risk management and collections practices resulted in stable delinquency rates compared to the end of third quarter last year. During the quarter, Consumer Finance completed the acquisition of SDL (Specification and Description Language) A modeling language used to describe real time systems. It is widely used to model state machines in the telecommunications, aviation, automotive and medical industries. Leasing, an auto financing company in Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). , and Kawai This article is about the Kawai Musical Instruments. For Kawai village in NWFP of Pakistan, see Kaghan valley. For kawaii, the Japanese concept of "cuteness", see Cuteness in Japanese culture. The Kawai Musical Instruments Manufacturing Co. Ltd. Assist in Japan, which offers consumer financing to merchants. - NBC maintained its lead through the third quarter in key advertiser ad·ver·tise v. ad·ver·tised, ad·ver·tis·ing, ad·ver·tis·es v.tr. 1. To make public announcement of, especially to proclaim the qualities or advantages of (a product or business) so as to increase demographics The attributes of people in a particular geographic area. Used for marketing purposes, population, ethnic origins, religion, spoken language, income and age range are examples of demographic data. in virtually every important daypart -- morning news, daytime Daytime may refer to:
, evening news, prime time, late night and Sunday-morning public affairs Those public information, command information, and community relations activities directed toward both the external and internal publics with interest in the Department of Defense. Also called PA. See also command information; community relations; public information. - and enjoyed strong advertising pricing as a result. NBC won its eighth consecutive summer in the key advertiser demographic of adults 18-49 with 10 of the top 20 programs in that category. In September September: see month. , NBC led the premiere week of the 2002-03 prime-time season by a commanding 17 percent margin among adults 18-49. Telemundo Telemundo is an American television network based in Hialeah, Florida. Launched in San Juan, Puerto Rico by Angel Ramos in 1954, it is the second-largest Spanish-language content producer in the world[1]. registered prime-time ratings increases of 61% over third quarter last year among adults 18-49 in its first full quarter since NBC acquired it. - GE Transportation Systems (GETS) won $1 billion in new locomotive locomotive, vehicle used to pull a train of unpowered railroad cars. Types of Locomotives The steam-powered locomotive played a key role during the development and golden age of railroading, but, despite its long and picturesque history, it has , maintenance services and signaling orders in the quarter, including nearly $500 million in orders for DASH-9 locomotives This is a list of locomotives (classes, or individual locomotives) that currently have articles in Wikipedia.
contract with the Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). Transit Administration for a state-of-the-art wayside and car-borne signaling and field communications system In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. , and completed its acquisition of certain assets from Railway Technologies Inc., furthering GETS's expansion into remote control yard switch products. - GE Industrial Systems (GEIS GEIS Generic Environmental Impact Statement GEIS Global Emerging Infections Surveillance (DoD) GEIS Global Emerging Infections System GEIS General Electric Information System GEIS Generic Edited Information Set ) continued its expansion into the high-tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. sensor A device that measures or detects a real-world condition, such as motion, heat or light and converts the condition into an analog or digital representation. An optical sensor detects the intensity or brightness of light, or the intensity of red, green and blue for color systems. and security markets through the acquisitions of Druck Druck or Drutsk (Belarusian: Друцк; Russian: Друцк, also known as Дрютеск ( Holdings plc, NovaSensor Inc. and Kilsen. GEIS also agreed to acquire Ion Track, a pioneer in the development of advanced trace detection technologies for security and law enforcement agencies. Immelt said, "The economy is much tougher than anyone planned, but the fundamentals of GE are in great shape. We've we've Contraction of we have. we've have got a great team of people who continue to serve our customers effectively and who come to work looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. new products and services, and new markets for growth. We are maintaining our full-year target of $1.65 per share in the environment we see today." GE (NYSE NYSE See: New York Stock Exchange : GE) is a diversified diversified (di·verˑ·s technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. Caution Concerning Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. factors. More detailed information about those factors is contained in GE's filings with the Securities and Exchange Commission.
GENERAL ELECTRIC COMPANY
Condensed Statement of Earnings
3rd Quarter 2002
Consolidated GE
---------------------------------------------------
Third quarter
ended
September 30 2002 2001 V% 2002 2001 V%
------------------------------------------- -------------------------
Revenues
Sales of goods
and services $18,048 $17,072 $17,386 $16,359
Earnings of GECS
before accounting
changes - - 1,551 1,301
GECS revenues
from services 14,080 12,382 - -
Other income 457 14 486 76
-------- -------- -------- --------
Total revenues 32,585 29,468 11% 19,423 17,736 10%
-------- -------- -------- --------
Costs and expenses
Cost of sales,
operating and
administrative
expenses 19,597 18,180 14,024 13,267
Interest and
other financial
charges 2,773 2,640 212 244
Insurance losses
and policyholder
and annuity
benefit 4,227 3,618 - -
Provision for
losses on
financing
receivables 640 567 - -
Minority interest
in net earnings
of consolidated
affiliates 84 59 45 32
-------- -------- -------- --------
Total costs
and expenses 27,321 25,064 9% 14,281 13,543 5%
-------- -------- -------- --------
Earnings before
income taxes
and accounting
changes 5,264 4,404 5,142 4,193
Provision for
income taxes (1,177) (1,123) (1,055) (912)
-------- -------- -------- --------
Earnings before
accounting
changes 4,087 3,281 25% 4,087 3,281 25%
Cumulative effect
of accounting
changes - - - -
-------- -------- -------- --------
Net earnings $4,087 $3,281 25% $4,087 $3,281 25%
======== ======== ======== ========
Per-share amounts
before accounting
changes (in dollars)
Diluted earnings
per share $0.41 $0.33 24%
Basic earnings
per share $0.41 $0.33 24%
Per-share amounts
after accounting
changes (in dollars)
Diluted earnings
per share $0.41 $0.33 24%
Basic earnings
per share $0.41 $0.33 24%
Dividends declared
per share
(in dollars) $0.18 $0.16
Financial Services (GECS)
-------------------------
Third quarter
ended
September 30 2002 2001 V%
-------------------- -------- -------- ----
Revenues
Sales of goods
and services $779 $778
Earnings of GECS
before accounting
changes - -
GECS revenues
from services 14,202 12,520
Other income - -
-------- --------
Total revenues 14,981 13,298 13%
-------- --------
Costs and expenses
Cost of sales,
operating and
administrative
expenses 5,757 5,071
Interest and
other financial
charges 2,645 2,503
Insurance losses
and policyholder
and annuity
benefit 4,227 3,618
Provision for
losses on
financing
receivables 640 567
Minority interest
in net earnings
of consolidated
affiliates 39 27
-------- --------
Total costs
and expenses 13,308 11,786 13%
-------- --------
Earnings before
income taxes
and accounting
changes 1,673 1,512
Provision for
income taxes (122) (211)
-------- --------
Earnings before
accounting
changes 1,551 1,301 19%
Cumulative effect
of accounting
changes - -
-------- --------
Net earnings $1,551 $1,301 19%
======== ========
Per-share amounts
before accounting
changes (in dollars
Diluted earnings
per share
Basic earnings
per share
Per-share amounts
after accounting
changes (in dollars)
Diluted earnings
per share
Basic earnings
per share
Dividends declared
per share
(in dollars)
Dollar amounts in millions; per-share amounts in dollars;
unaudited. Supplemental consolidating data are shown for "GE" and
"Financial Services (GECS)." Transactions between GE and Financial
Services (GECS) have been eliminated from the "consolidated" columns.
See note 1 to the consolidated financial statements in the 2001 Annual
Report to Share Owners for further information about consolidation
matters.
GENERAL ELECTRIC COMPANY
Condensed Statement of Earnings
3rd Quarter 2002 Year To Date
Consolidated GE
----------------------------------------------------------------------
Nine months
ended
September 30 2002 2001 V% 2002 2001 V%
----------------------------------------------------------------------
Revenues
Sales of
goods and
services $55,797 $52,412 $53,593 $49,797
Earnings of GECS
before accounting
changes - - 4,535 4,179
GECS revenues
from services 39,925 39,297 - -
Other income 598 229 675 385
-------- -------- -------- --------
Total revenues 96,320 91,938 5% 58,803 54,361 8%
-------- -------- -------- --------
Costs and expenses
Cost of sales,
operating and
administrative
expense 59,050 56,500 43,065 40,284
Interest and
other financial
charges 7,590 8,423 444 614
Insurance losses and
policyholder and
annuity benefit 11,465 10,853 - -
Provision for losses
on financing
receivables 2,087 1,546 - -
Minority interest in
net earnings of
consolidated
affiliates 250 262 137 136
-------- -------- -------- --------
Total costs
and expenses 80,442 77,584 4% 43,646 41,034 6%
-------- -------- -------- --------
Earnings before
income taxes
and accounting
changes 15,878 14,354 15,157 13,327
Provision for
income taxes (3,847) (4,159) (3,126) (3,132)
-------- -------- -------- --------
Earnings before
accounting
changes 12,031 10,195 18% 12,031 10,195 18%
Cumulative effect
of accounting
changes (1,015) (444) (1,015) $ (444)
-------- -------- -------- --------
Net earnings $11,016 $9,751 13% $11,016 $9,751 13%
======== ======== ======== ========
Per-share amounts
before accounting
changes (in dollars)
Diluted earnings
per share $1.20 $1.01 19%
Basic earnings
per share $1.21 $1.03 17%
Per-share amounts
after accounting
changes (in dollars)
Diluted earnings
per share $1.10 $0.97 13%
Basic earnings
per share $1.11 $0.98 13%
Dividends declared
per share
(in dollars) $0.54 $0.48
Financial Services (GECS)
--------------------------------------------------------------
Nine months
ended
September 30 2002 2001 V%
-------------------- ----------------------------------
Revenues
Sales of
goods and
services $2,494 $2,806
Earnings of GECS
before accounting
changes - -
GECS revenues
from services 40,238 39,614
Other income - -
-------- --------
Total revenues 42,732 42,420 1%
-------- --------
Costs and expenses
Cost of sales,
operating and
administrative
expense 16,449 16,617
Interest and
other financial
charges 7,362 8,072
Insurance losses and
policyholder and
annuity benefit 11,465 10,853
Provision for losses
on financing
receivables 2,087 1,546
Minority interest in
net earnings of
consolidated
affiliates 113 126
------- --------
Total costs
and expenses 37,476 37,214 1%
-------- --------
Earnings before
income taxes
and accounting
changes 5,256 5,206
Provision for
income taxes (721) (1,027)
-------- --------
Earnings before
accounting
changes 4,535 4,179 9%
Cumulative effect
of accounting
changes $ (1,015) $ (169)
-------- --------
Net earnings $3,520 $4,010 (12%)
======== ========
Per-share amounts
before accounting
changes (in dollars)
Diluted earnings
per share
Basic earnings
per share
Per-share amounts
after accounting
changes (in dollars)
Diluted earnings
per share
Basic earnings
per share
Dividends declared
per share
(in dollars)
Dollar amounts in millions; per-share amounts in dollars;
unaudited. Supplemental consolidating data are shown for "GE" and
"Financial Services (GECS)." Transactions between GE and Financial
Services (GECS) have been eliminated from the "consolidated" columns.
See note 1 to the consolidated financial statements in the 2001 Annual
Report to Share Owners for further information about consolidation
matters.
Summary of Operating Segments 3Q 2002
----------------------------------------------------------------------
General Electric Company and Consolidated Affiliates
THIRD QUARTER THIRD QUARTER YTD
------------------- --------------------
(Dollars in millions) 2002 2001 V% 2002 2001 V%
Revenues
Aircraft Engines 2,721 2,851 (5) 8,062 8,644 (7)
Commercial Finance
Commercial
Equipment Financing 1,278 1,240 3 3,529 3,193 11
Real Estate 552 471 17 1,570 1,530 3
Aviation Services (GECAS) 741 497 49 1,992 1,602 24
Structured Finance Group 323 275 17 915 862 6
Commercial Finance 615 473 30 1,779 1,433 24
Vendor Financial Services 569 533 7 1,658 1,491 11
Other Commercial Finance 67 - F 180 - F
------- ------- ------- -------
Total Commercial Finance 4,145 3,489 19 11,623 10,111 15
Consumer Finance
Global Consumer Finance 1,787 1,376 30 4,758 4,064 17
GE Card Services 912 967 (6) 2,777 3,045 (9)
Other Consumer Finance 2 - F 1 1 -
------- ------- ------- -------
Total Consumer Finance 2,701 2,343 15 7,536 7,110 6
Consumer Products
Appliances 1,540 1,535 - 4,554 4,252 7
Lighting 576 618 (7) 1,682 1,872 (10)
------- ------- ------- -------
Total Consumer Products 2,116 2,153 (2) 6,236 6,124 2
Equipment Management 1,073 1,159 (7) 3,154 3,312 (5)
Industrial
Products and Systems
Industrial Systems 1,250 1,025 22 3,620 3,369 7
Transportation 521 595 (12) 1,597 1,715 (7)
GE Supply 630 558 13 1,788 1,710 5
------- ------- ------- -------
Total Industrial
Products and Systems 2,401 2,178 10 7,005 6,794 3
Insurance
GE Financial Assurance 3,209 3,084 4 9,009 9,382 (4)
Mortgage Insurance 265 247 7 801 826 (3)
GE Global
Insurance Holdings 2,585 1,684 54 7,068 6,746 5
Other GE Insurance 138 171 (19) 350 399 (12)
------- ------- ------- -------
Total Insurance 6,197 5,186 19 17,228 17,353 (1)
Materials
Plastics 1,329 1,255 6 3,928 4,066 (3)
Specialty Materials 689 426 62 1,698 1,405 21
------- ------- ------- -------
Total Materials 2,018 1,681 20 5,626 5,471 3
NBC 1,370 1,050 30 5,355 4,232 27
Power Systems 5,123 5,038 2 16,920 14,440 17
Technical Products
and Services
Medical Systems 2,130 1,992 7 6,205 5,780 7
GXS 102 114 (11) 311 472 (34)
------- ------- ------- -------
Total Technical
Products and Services 2,232 2,106 6 6,516 6,252 4
All Other GECS 865 1,121 (23) 3,191 4,534 (30)
Eliminations
and corporate items (377) (887) 57 (2,132) (2,439) 13
------- ------- ------- -------
Consolidated revenues $32,585 $29,468 11 $96,320 $91,938 5
======= ======= ======= =======
Summary of Operating Segments 3Q 2002
----------------------------------------------------------------------
General Electric Company and Consolidated Affiliates
THIRD QUARTER THIRD QUARTER YTD
------------------ -------------------
(Dollars in millions) 2002 2001 V% 2002 2001 V%
Segment profit (a)
Aircraft Engines 512 560 (9) 1,499 1,592 (6)
Commercial Finance
Commercial
Equipment Financing 184 186 (1) 517 425 22
Real Estate 182 170 7 477 425 12
Aviation Services (GECAS) 129 88 47 341 373 (9)
Structured Finance Group 122 113 8 376 325 16
Commercial Finance 205 115 78 450 320 41
Vendor Financial Services 91 80 14 232 199 17
Other Commercial Finance (32) (1) U (63) (3) U
------ ------ ------ ------
Total Commercial Finance 881 751 17 2,330 2,064 13
Consumer Finance
Global Consumer Finance 354 271 31 997 810 23
GE Card Services 149 184 (19) 536 548 (2)
Other Consumer Finance (2) (2) - (4) (4) -
------ ------ ------ ------
Total Consumer Finance 501 453 11 1,529 1,354 13
Consumer Products
Appliances 119 98 21 329 278 18
Lighting (22) 30 U 27 167 (84)
------ ------ ------ ------
Total Consumer Products 97 128 (24) 356 445 (20)
Equipment Management 82 108 (24) 222 364 (39)
Industrial Products
and Systems
Industrial Systems 124 124 - 356 417 (15)
Transportation 91 108 (16) 268 280 (4)
GE Supply 29 29 - 77 69 12
------ ------ ------ ------
Total Industrial
Products and Systems 244 261 (7) 701 766 (8)
Insurance
GE Financial Assurance 182 169 8 408 477 (14)
Mortgage Insurance 124 114 9 357 331 8
GE Global Insurance Holdings (156) (229) 32 (312) 57 U
Other GE Insurance 61 58 5 168 104 62
------ ------ ------ ------
Total Insurance 211 112 88 621 969 (36)
Materials
Plastics 224 278 (19) 706 951 (26)
Specialty Materials 56 59 (5) 197 237 (17)
------ ------ ------ ------
Total Materials 280 337 (17) 903 1,188 (24)
NBC 330 207 59 1,188 996 19
Power Systems 1,418 1,222 16 4,880 3,232 51
Technical Products
and Services
Medical Systems 347 344 1 1,014 993 2
GXS 1 (2) F 16 96 (83)
------ ------ ------- ------
Total Technical
Products and Services 348 342 2 1,030 1,089 (5)
All Other GECS (124) 23 U (167) (153) (9)
------ ------ ------- ------
Total segment profit 4,780 4,504 6 15,092 13,906 9
GECS goodwill amortization - (146) F - (419) F
Corporate items
and eliminations 574 79 F 509 454 12
GE interest and
other financial charges (212) (244) 13 (444) (614) 28
GE provision
for income taxes (1,055) (912)(16) (3,126) (3,132) -
------ ------ ------- ------
Net earnings before
accounting changes 4,087 3,281 25 12,031 10,195 18
Effect of
accounting changes - - (1,015) (444)
------ ------ ------- -------
Consolidated net earnings $4,087 $3,281 25 $11,016 $ 9,751 13
====== ====== ======= =======
(a) Segment profit excludes any goodwill amortization and
accounting changes. Segment profit includes or excludes
interest and other financial charges and segment income taxes
according to how segment management is measured - excluded in
determining operating profit for Aircraft Engines, Consumer
Products, Industrial Products and Systems, Materials, NBC,
Power Systems and Technical Products and Services, but
included in determining net earnings for Commercial Finance,
Consumer Finance, Equipment Management, Insurance and All
Other GECS.
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