GE Capital Earnings Up 38% Including Gains
GE announced Q4/2013 operating earnings of $5.4 billion, with earnings per share of $0.53, up 20% from the fourth quarter of 2012. GAAP earnings from continuing operations were $5.0 billion, with earnings per share of $0.49, up 20%. Revenues were $40.4 billion for the quarter, up 3% from the year-ago period, and $146.0 billion for the year.
The company said GE Capital earnings rose 38% including gains from the IPO of its Swiss consumer business and BAY disposition. GE noted that ENI (excluding cash and equivalents) was $380 billion at quarter-end. Volume was up 5% for the quarter, with attractive returns. The unit continued to execute on its strategy of becoming a smaller, more focused financial services business, GE said. During the quarter, GECC paid $2 billion in dividends to the parent.
“GE ended the year with strong fourth-quarter earnings and margin growth in an improving but mixed environment,” said GE chairman and CEO Jeff Immelt. “We saw good conditions in growth markets, strength in the U.S., and a mixed environment in Europe. We had strong operating performance for the year and are pleased with our execution in 2013, taking $1.6 billion of cost out, growing margins, reducing the size of GE Capital, and returning more than $18 billion to shareholders.“
To read the full GE news release click here.