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GENERAL ELECTRIC THIRD QUARTER EARNINGS PER SHARE UP 8 PERCENT TO $1.41; CONTINUING OPERATIONS EARNINGS INCREASED 21 PERCENT

 FAIRFIELD, Conn., Oct. 12 /PRNewswire/ -- "For the third quarter of 1993, GE again achieved record results," Chairman John F. Welch reported today.
 Specific highlights include:
 Earnings of $1.206 billion increased 9 percent even though last year's quarter included $114 million of earnings from the Aerospace business, which was transferred to Martin Marietta this year. Earnings from GE's continuing operations, the businesses that represent GE's future, increased 21 percent over 1992 levels.
 Eleven of twelve businesses improved operating profit with seven -- led by Appliances, GE Capital Services, NBC and Power Systems -- achieving double-digit increases. In line with expectations, Aircraft Engines' operating profit was much lower.
 Operating margin was a record 11.6 percent, up from 1992's comparable 10.2 percent, exclusive of 1992 restructuring charges. Third quarter return on share owners' equity was over 20 percent.
 Revenues increased 4 percent and were up 8 percent excluding the 1992 Summer Olympics with good growth in Appliances, Medical Systems and GECS.
 Cash generated from operating activities for 1993 continued to achieve record levels and has reached more than $2.6 billion.
 Over the last year, inventories have been reduced over $900 million as better utilization has increased both asset turnover and customer order fill rates to record levels.
 GE continued to strengthen its global presence during the quarter. GE Power Systems recorded more than $800 million in international orders during the quarter. In Europe, NBC acquired a majority stake in Super Channel which broadcasts to 55 million homes and 350,000 hotel rooms. In Thailand, GE Capital Services formed a new joint venture to provide consumer and commercial financing. In Japan, U.S.-made GE lamps marketed by GE Lighting's joint venture with Hitachi made their debut carrying the GE/Hitachi brand name.
 Mr. Welch concluded: "The first three quarters of 1993 have once again demonstrated GE employees' ability to cope with change and win in a difficult global economy. We expect this trend to continue in the fourth quarter and for the year, more than overcoming the absence of $345 million of Aerospace operating net earnings. We expect GE to reach record levels of performance for 1993."
 GENERAL ELECTRIC COMPANY
 Consolidated Third Quarter Results
 (All figures except per-share earnings and average shares
 are in millions of U.S. dollars.)
 Quarter to Sept. 30
 1993 1992
 Revenues $14,858 $14,272
 Net earnings $1,206 $1,110
 Per share earnings $1.41 $1.30
 Average shares 853,541 854,174
 (in thousands)
 9 Months to Sept. 30
 1993 1992
 Revenues $42,475 $40,872
 Net earnings (a) $3,700 $3,384
 Per share earnings (a) $4.33 $3.95
 Average shares 854,074 857,640
 (in thousands)
 (a) Nine-month 1993 results exclude a first quarter accounting charge for FAS 112 which reduced 1993 net earnings by $862 million, or $1.01 a share.
 -0- 10/12/93
 /CONTACT: Bruce Bunch of General Electric, 203-373-2039 (office); 203-263-5595 (home)/
 (GE)


CO: General Electric Company ST: Connecticut IN: HOU CPR SU: ERN ERP

LG -- NY035 -- 1022 10/12/93 11:02 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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