GE reports first quarter 2009 earnings
Today, GE reported first quarter 2009 earnings from continuing operations of $2.8 billion , or $.26 per share. Our revenues from continuing operations were $38.4 billion, down 9% when compared to the same quarter last year. However, our backlog of equipment and services held steady at $171 billion, up 6% from a year ago — and industrial cash flow from operating activities remained on plan at $2.8 billion for the quarter. Energy Infrastructure and Technology Infrastructure led performance, with earnings growth of 19% and 6%, respectively.
The results were consistent with the information provided in our March 19 GE Capital investor meeting and the framework provided last December, which projected smaller profits at GE Capital and 0-5% earnings growth in our industrial portfolio through the end of the year.
“We are running GE for the long term. Over the last six months, we have made the difficult decisions to raise equity and cut the dividend to keep GE safe and secure,” GE Chairman and CEO Jeff Immelt said. “On March 19, we conducted a ‘deep dive’ into financial services that demonstrated the strength of our team and our commitment to transparency. Estimated stress-test results showed that we do not need to raise additional capital even in the Fed’s adverse case scenario.
“Meanwhile, we are investing in growth, while lowering cost and generating cash. We see great opportunity in a global economy that favors clean energy, affordable healthcare and services that drive customer productivity. GE is positioning itself to lead in this reset economy.”
* Read GE’s press release
* Watch this morning’s 8:30 a.m. presentation via webcast
Why the media treat GE differently from C on the headlines citi that shows " Citi top estimate" vs. “ GE profit drop 35%” although GE earning .26 cent that also far exceed consensus of .21…what a misleading…
GE is NOT treated different. What you should think about is if "GE profit dropped 36% and not more??? we will never know….Have a blessed day!
With today economy you never know what’s happen tomorrow
Attachment to “comments” for GE’s annual meeting:
The General Electric Company’s board of directors have so seriously damaged, if not destroyed, the financial state and worldly reputation of the company by their obscene monetary pandering of multi millions of dollars to the upper echelons compensations, bonuses and other contrived perks and in so doing have caused the companies stock values to plunge to the likes of those exhibited by GM, Chrysler, Ford and Eastman Kodak. And then they proceed to further trash the companies image by a proposed 68% reduction in the dividend paid out to the stock holders of which many are retired GE employees who depend on those dividends to sustain a decent livelihood. There’s a most unpleasant odor of AIG emanating from halls of corporate and some severe corrective actions are required to restore peace and harmony between ‘the company‘ and it‘s employees (active and retired), stock-holders (actual and potential), associates, buyers and suppliers and customers!
Disclaimer: This comment is not copyrighted and has been submitted for a possible ‘reading ‘ at the 2009 Annual Meeting