Daily News: October 19, 2012

GE Capital Q3 Earnings Up 11%; ENI Ahead of Plan


GE said its GE Capital unit earned $1.7 billion in the third quarter, up 11%, and remains on target to become a smaller, more focused financial services business with solid earnings. GE Capital’s ENI was $425 billion at quarter end, ahead of plan.

The company said GE Capital returned a $2.4 billion dividend to the parent in the quarter, bringing the year-to-date total to $5.4 billion. Its Tier 1 common ratio remains strong at 10.2%.

GE chairman and CEO Jeff Immelt commented, “We are focused on delivering our key commitments to investors including balanced double-digit earnings growth, strong organic growth, margin expansion, and returning cash from GE Capital to fund balanced capital allocation for our shareholders. The global economy is uncertain, and we are prepared for a variety of economic outcomes. We will continue to invest to win in our markets, while aggressively managing our overall cost structure.”

To read the GE news release, click here.