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GE SECOND QUARTER EPS UP 9 PERCENT; OPERATING MARGIN CONTINUES STRONG AT 12.6 PERCENT LEVEL; DIVIDEND TO BE INCREASED 7.3 PERCENT AND SHARE REPURCHASE PROGRAM TO BE CONCLUDED AT $5 BILLION

GE SECOND QUARTER EPS UP 9 PERCENT; OPERATING MARGIN CONTINUES STRONG AT

12.6 PERCENT LEVEL; DIVIDEND TO BE INCREASED 7.3 PERCENT AND SHARE
 REPURCHASE PROGRAM TO BE CONCLUDED AT $5 BILLION
 FAIRFIELD, Conn., July 15 /PRNewswire/ -- GE's (NYSE: GE) earnings per share for the second quarter of 1992 were $1.42, up 9 percent from $1.30 in the second quarter of 1991, Chairman John F. Welch, Jr. reported today.
 Consolidated revenues of $15.4 billion in 1992's second quarter were up 4 percent from $14.8 billion for comparable 1991 period. Net earnings were $1.216 billion, up 8 percent from $1.131 billion for the second quarter of 1991.
 Earnings per share for the first half of 1992 of $2.65 were 9 percent ahead of last year's comparable first six months per-share earnings of $2.44. Consolidated revenues for the first six months of 1992 aggregated $28.9 billion, up 3 percent from $28.1 billion in 1991's first half. Net earnings for this year's first half were $2.274 billion, an increase of 7 percent from the comparable $2.130 billion for the same period last year.
 Welch said: "The strength of GE's second quarter performance was a result of strong double-digit growth in GE Financial Services, Power Systems and NBC. GE Financial Services earnings increased by 24 percent in the quarter reflecting continued double-digit increases at GE Capital and Kidder, Peabody. Technical Products also reported double-digit operating profit growth, led by an excellent performance at Medical Systems. GE's operating margin of 12.6 percent was slightly below the second quarter of 1991 record level of 12.9 percent. The second quarter operating margin reflects the impact of significant pricing pressures, particularly in the Materials segment which were largely offset by overall productivity growth. Second quarter productivity growth across GE was approximately 5 percent for the quarter."
 GE's operating cash flow for the first six months of 1992 is more than $1 billion ahead of the comparable figure for the first half of 1991. This significant improvement is a direct result of fundamental process changes made to reduce manufacturing cycle times across the Company. Reflecting the company's earnings performance and strong fundamental cash generating capability, the board of directors announced today that effective with its September third quarter dividend declaration, that it intends to increase GE's quarterly dividend by 4 cents per share or 7.3 percent to 59 cents per share. This special increase will raise the annualized dividend rate to $2.36 a share from $2.20 a share. The company will address its 1993 dividend rate, as customary, at its November board meeting.
 Welch also announced today that GE will conclude its $10 billion stock buyback program before year end at the halfway mark of $5 billion (currently at $4.6 billion). "By taking this action during this uncertain economic period," he said, "the company assures its Triple A debt rating and maintains the financial flexibility to take advantage of global recovery opportunities. The company will, however, continue to repurchase on an ongoing basis shares required for employee programs. These purchases should amount to approximately $400 million annually. The company has no current plans for any major acquisition."
 Welch concluded: "While the global economy remains fragile, the modest upturn in U. S. short-cycle order trends, combined with faster cycle times, continued productivity and improving cash generation capabilities, give us confidence that 1992 will be another good year for GE." Attachment: Segment Analysis
 As previously reported, effective Jan. 1, 1991, the company adopted Statement of Financial Accounting Standards (SFAS) No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions." This adoption resulted in a one-time reduction of 1991 first quarter earnings of $1.799 billion ($2.07 per share), and a reported net income for the six months ended June 30, 1991 of $331 million ($0.37 per share). Comparisons in this press release use originally reported results before adoption of SFAS No. 106. GENERAL ELECTRIC COMPANY Segment Analysis
 The comments that follow compare revenues and operating profit by industry segment for the second quarters of 1992 and 1991.
 GE FINANCIAL SERVICES net earnings were 24 percent ahead of last year's quarter. GE Capital had strong double-digit earnings growth in the quarter as a result of broad based strength highlighted by significant growth in the equipment leasing businesses and GE Mortgage Insurance and lower costs of borrowing. Kidder, Peabody also recorded much improved results.
 POWER SYSTEMS operating profit increased sharply principally as a result of strong revenue and operating profit growth in Power Generation and overall productivity gains. Revenues for the segment were only slightly higher reflecting the impact of the recession on Power Delivery.
 BROADCASTING operating profit increased sharply on flat revenues reflecting stabilized network ratings, improved cost controls and an improving advertising market. The quarter also reflected the strong ratings for NBC's coverage of the NBA basketball finals.
 TECHNICAL PRODUCTS AND SERVICES operating profit showed a good improvement on flat revenues as a result of strong productivity improvements in the Medical Systems business.
 AEROSPACE operating profit was somewhat higher than the second quarter of 1991 on somewhat lower revenues, resulting principally from a different mix of sales.
 APPLIANCES operating profit and revenues were flat as productivity improvements offset an unfavorable sales mix during the quarter.
 AIRCRAFT ENGINES operating profit was somewhat lower than a year ago on flat revenues, principally reflecting weakness in spare parts sales offset by improved commercial engine sales.
 MATERIALS operating profit was somewhat lower on slightly higher revenues, which were realized despite significant pricing pressures.
 INDUSTRIAL operating profit was much lower on flat revenues as significant pricing pressures affected the Electrical Distribution and Control, and Transportation Systems businesses. .
 All other revenues and operating profit were lower than last year.
 -0- 7/15/92
 /CONTACT: Bruce Bunch of GE, 203-373-2039, or home, 203-263-5595/
 (GE) CO: General Electric Company ST: Connecticut IN: HOU SU: ERN


KD -- NY095 -- 9723 07/15/92 16:36 EDT
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Date:Jul 15, 1992
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