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General Electric (GE) Tops Q2 EPS by 1c; U.S. Orders Up 20%

July 19, 2013 6:30 AM EDT
(Updated - July 19, 2013 6:36 AM EDT)

General Electric (NYSE: GE) reported Q2 EPS of $0.36, $0.01 better than the analyst estimate of $0.35. Revenue for the quarter came in at $35.12 billion versus the consensus estimate of $35.58 billion.

Numbers compare with EPS of $0.38 and revs of $36.5 billion reported in the same period last year.

Orders rose about 4 percent in the quarter, with U.S. orders up 20 percent. Infrastructure orders for the quarter rose 4 percent to $24.1 billion. GE’s backlog of equipment and services at the end of the quarter was its highest ever at $223 billion, up $7 billion from the first quarter. Infrastructure order pricing rose 0.9 percent for the quarter.

GE Capital earnings slipped 9 percent, in-line with asset reduction expectations. General Electric Capital Corporation’s (GECC) Tier 1 common ratio under Basel 1 rose 108 basis points to 11.2 percent, and net interest margin was strong at 5 percent.

In the second quarter, GE achieved Industrial segment profit growth in six of seven businesses, reduced structural costs, and continued to invest in growth, commented CEO Jeff Immelt. We executed in a business environment that was slightly improved versus the first quarter. Emerging markets remain resilient, and in the U.S. we saw strong growth in orders this quarter. Europe is stabilizing but still challenged. We expect margin expansion to continue and segment profits to grow in the second half of the year.

For earnings history and earnings-related data on General Electric (GE) click here.


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