Today, GE reported second quarter 2009 earnings from continuing operations of $2.9 billion, or $0.26 per share. Our revenues from continuing operations were $39.1 billion, down 17% when compared to the same quarter last year, but in line with our expectations. However, cash generated from operating activities was ahead of our plan at $7.1 billion for the year’s first half — and total company backlog of equipment and services held about steady at $169 billion. Energy grew 13% to $1.7 billion on a revenue decrease of 1% or $9.6 billion. Capital Finance was profitable as expected, earning $590 million ($149 million pre-tax), down 80% on revenues that were down 29%.
The results were consistent with the company’s 2009 framework that was previously provided.
“In a global economic environment that continues to remain challenging, GE delivered solid second-quarter business results,” GE Chairman and CEO Jeff Immelt said. “We are executing through the recession by aggressively controlling costs and driving working capital improvements and continuing to invest for future growth. At the same time, we are actively maintaining backlog, focusing on higher-margin services, and continuing to run our financial services business for safety and soundness. We continue to position GE to win in a reset economy.”
* Read GE’s press release
* Watch this morning’s 8:30 a.m. presentation via a webcast
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Jeff I….
It will be a bad day at GE today with stock results!!!
JI and the BOD ALL need to go. They have had more than a reasonable opportunity to produce results. They can’t even tell the truth to long term investors.
It’s another sad day for GE Shareholders.
GE needs to start over with a new BOARD and a new Management team that listens to the market and returns to it’s manufacturing roots and spins off or sells everything else before it is too late.
It has been hard to regain the trust in GE after statements by Immelt after "dividends will not go down this year" and the quarter is in the bag! Hard to tell what shape Ge is really in.