General Electric (GE) Tops Q2 Views
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General Electric (NYSE: GE) reports Q2 earnings of $0.26 per share, versus the consensus of $0.23. Revenues fell 17% to $39.08 billion, versus the consensus of $42.16 billion. Including the effects of discontinued operations, second quarter net earnings attributable to GE were $0.24.
GE Capital Services' revenues fell 29% versus last year to $13.4 billion. Industrial sales were $26 billion, down 7% from the second quarter of 2008.
Cash generated from operating activities totaled $7.1 billion, ahead of plan, and total company backlog of equipment and services held about steady at $169 billion.
GE said high-margin services where orders grew 2% and contractual services backlog reached an all-time high of $122 billion
GE Capital Finance earned $590 million, including $149 million pre-tax, and remains on track to be profitable for the full year.
Cash generated from GE operating activities in the first six months of 2009 totaled $7.1 billion, down 24% from $9.3 billion last year, primarily reflecting the lack of a GECS dividend payment in 2009.
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