GE Capital FY Earnings Grow 12%
GE announced fourth-quarter 2012 operating earnings of $4.7 billion, or $0.44 per share, both up 13% from the fourth quarter of 2011. GE said revenues were $39.3 billion for the quarter, up 4%, and $147.4 billion for the year.
“We ended the year with a strong quarter despite the mixed global economic environment,” said GE chairman and CEO Jeff Immelt. “The outlook for developed markets remains uncertain, but we are seeing growth in China and the resource rich countries. With our largest backlog in history and a substantial amount of cash generated by our businesses in the fourth quarter, we have great momentum going into 2013.”
The following information on GE Capital was excerpted from the GE news release:
GE Capital progressed with its strategy of a smaller, more focused financial services business with solid earnings. GE Capital earnings grew 9% in the quarter and ENI was $419 billion at quarter end.
GE Capital Q4 revenues and profit of $11.8 billion and $1.8 billion, respectively were up from $11.6 billion and $1.7 billion in the same year-ago quarter. Full year 2012 revenues and profit of $46.0 billion and $7.4 billion, respectively were down from $49.1 billion and up from $6.6 billion in 2011.
Commercial Lending and Leasing (CLL) segment profit of $544 million and $2.4 billion, respectively in Q4/12 and full year compared to $777 million and $2.7 billion for the same 2011 periods.
Commercial Real Estate grew net income to $0.8 billion while shrinking assets by $15 billion. GE Capital paid a $1.0 billion dividend to the parent in the quarter, bringing the year-to-date total to $6.4 billion. Its Tier 1 common ratio remains strong at 10.2%.
To read GE’s news release click here.