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GE THIRD QUARTER EPS UP 8 PERCENT; YEAR-TO-DATE OPERATING CASH FLOW UP $1.8 BILLION

 GE THIRD QUARTER EPS UP 8 PERCENT;
 YEAR-TO-DATE OPERATING CASH FLOW UP $1.8 BILLION
 FAIRFIELD, Conn., Oct. 13 /PRNewswire/ -- General Electric Company's (NYSE: GE) earnings per share for the third quarter of 1992 were $1.30, up 8 percent from $1.20 in the third quarter of 1991, Chairman John F. Welch, Jr. reported today.
 Consolidated revenues of $15.5 billion in 1992's third quarter were up 6 percent from $14.6 billion for the comparable 1991 period. Net earnings were $1.110 billion, up 7 percent from $1.042 billion for the third quarter of 1991.
 Earnings per share of $3.95 for the first nine months of 1992 were 8 percent ahead of last year's comparable nine month per-share earnings of $3.65. Consolidated revenues for the first nine months of 1992 aggregated $44.4 billion, up 4 percent from $42.7 billion in 1991's comparable period. Net earnings for this year's first nine months were $3.384 billion, an increase of 7 percent from the comparable $3.172 billion in 1991.
 Mr. Welch said: "GE Financial Services, Aerospace, Medical Systems and Motors all reported strong earnings increases. Productivity growth continued at an annual rate of approximately 5 percent."
 GE's operating cash flow for 1992's first nine months totaled $2.3 billion, an improvement of $1.8 billion over results for 1991's comparable period. Strong cycle-time programs across the company drove the working capital improvements.
 GE's third quarter 1992 operating margin rate was 9.1 percent compared with 9.6 percent for the same period last year. The decline was more than accounted for by two unusual factors -- higher 1992 restructuring charges and the effect of the 1992 Summer Olympics Games. Before restructuring charges, operating margin for GE's businesses, other than the Olympics-impacted broadcasting business, was 12.1 percent compared with 11.5 percent in 1991.
 Third quarter results included the gain, reported in other income, from the realignment of equity positions in Ericsson GE Mobile Communications, Inc., which was more than offset by restructuring charges principally for programs in Aircraft Engines, Plastics, Medical Systems, Appliances and Power Systems.
 Mr. Welch concluded: "GE businesses continue to demonstrate their ability to deal with the uncertain U.S. and global economic conditions. With continuing productivity gains and successful working capital management programs, we remain confident that GE will complete another year of record earnings."
 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 nine months ended Sept. 30, 1991, of $1.373 billion ($1.58 per share). Operations comparisons in this press release use reported results excluding the one-time effect of adopting SFAS No. 106.
 Segment Analysis
 Comments that follow compare revenues and operating profit by industry segment for the third quarters of 1992 and 1991.
 -- GE Financial Services net earnings were 17 percent ahead of last year's quarter. GE Capital continued to record double-digit earnings growth, led by strong double-digit performance in commercial equipment financing and private label credit cards. Kidder, Peabody continued to achieve sharply improved 1992 results, while earnings at Employers Reinsurance were moderately higher than in 1991.
 -- Technical Products and Services operating profit was sharply higher in 1992 principally as a result of the gain arising from realignment of the equity positions of GE and Ericsson in their mobile communications venture and, to a lesser extent, improved results from higher productivity at Medical Systems. The mobile communications venture gain was offset by restructuring in this and other segments. Segment revenues were slightly higher, attributable to the Ericsson realignment and a modest increase by Medical Systems, partially offset by the effect of transferring the computer services operation to GE Financial Services.
 -- Aerospace had a good increase in operating profit on somewhat higher revenues principally as a result of sales timing, product mix and productivity gains.
 -- Industrial revenues increased somewhat, reflecting the 1992 consolidation of Thorn in the Lighting Business and higher locomotive shipments in Transportation Systems. The increased revenues and productivity gains more than offset industry pricing pressures and much higher current year restructuring provisions, resulting in a good increase in operating profit.
 -- Aircraft Engines operating profit was flat on somewhat lower revenues as productivity gains offset the effects of the ongoing weakness in spare parts sales and declining military engine shipments. Restructuring provisions in 1992 were about equal to those provided in 1991.
 -- Materials operating profit was somewhat lower on flat revenues. The effects of ongoing pricing and cost pressures as well as somewhat higher 1992 restructuring provisions were substantially offset by good 1992 productivity gains.
 -- Power Systems operating profit decreased somewhat, primarily because of somewhat lower revenues, principally short-cycle, and the impact of 1992 restructuring provisions, partially offset by good productivity gains.
 -- Appliances operating profit was much lower on somewhat higher revenues as cost increases and industry pricing pressures more than offset productivity improvements. Restructuring provisions in 1992 were somewhat lower than those provided in 1991.
 -- Broadcasting revenues were significantly higher, reflecting NBC's broadcast of the Summer Olympic Games; however, operations showed a loss in the third quarter of 1992 compared with a profit in the 1991 period. The most significant factor in this result was last year's third-quarter gain from sale of NBC's interest in the RCA Columbia Home Video joint venture. Also, the Olympic Games resulted in an operating loss.
 -- All other revenues and operating profit were about flat compared to 1991.
 -0- 10/13/92 R
 /CONTACT: Bruce Bunch of GE, 203-373-2039, or home, 203-263-5595/
 (GE) CO: General Electric Company ST: Connecticut IN: ARO HOU SU: ERN


PS -- NY066 -- 9473 10/13/92 16:10 EDT
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Date:Oct 13, 1992
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