Highlights from Opening Statement on GE's (GE) Conference Call

Below are some highlights from the opening statement made during GE's (NYSE: GE) conference call. The comments give a general, broad picture of GE's performance during the quarter.

• despite downgrades, GE maintains a strong, stable credit rating
  
• GE is ahead of its previously issued cost cutting plans
  
• has spent about $2.5 billion in cost restructuring over last several years
  
• related to direct materials: seeing more deflation, some in '09, sees better for the books in '10, '11
  
• sees good momentum for margins to be positive during '09
  
• orders down 10% overall, however, relative to the economy, management is pleased with this performance
  
• effective backlog flat quarter-over-quarter
  
• $500m in cancellations, on balance, feels comfortable with this level
  
• equipment orders down 21%. Could see several quarters of negative orders
  
• service orders picked up in Q1 vs. Q4
  
• transport service orders up 19%
  
• saw strong orders globally, with healtchare in China an especially bright point
  
• trying to focus on where growth is available
  
• related to impacts of the global stimulus: sees most benefits in '10, '11, but some in '09

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