Connecticut-based, one of the largest diversified Company that operates as a technology and financial services company worldwide, General Electric Co. (NYSE: GE) reported results for the third quarter of 2012 ended Sep 30, 2012.
GE’s consolidated revenues increased 3% to $36,349 million. Earnings before tax rose 7% to $4,026 million from that of $3,767 million. Net income attributable to common shareholders increased 49% to $3,491 million from $3,224 million. Net cash from operations for the nine months ended Sep 2012 was $10,700 million.
The 3% increase in consolidated revenues reflected a 6% revenue growth from Industrial segment and 5% decline in GE Capital Segment.
The growth in the industrial segment was driven by double digit growth in China, Latin America and Africa. During the quarter, GE signed the world’s largest subsea well head production contract with Petrobras, worth approximately $1.1 billion. GE Capital remains on target to become a smaller, more focused financial services business with solid earnings.
Earnings before tax were up by 7% from prior year. The increase reflected the impact of increased revenues, decrease in cost and financial charges. In spite of the increase in income tax, Net income (excluding the 3Q 2011 preferred stock redemption) increased by 8%; this is mainly due to earnings of $37million from discontinued operations.
Chairman and CEO of GE, Jeff Immelt said “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.”
As on Sep 30, 2012, GE had total assets of $698.9 billion including $134.2 billion worth of cash and its equivalents. Total liabilities were $570.8 billion and total stockholders’ equity was $128.1 billion.
GE’s shares have fallen sharply following the release of third-quarter results. At the last check, the stock was trading 2.59% lower at $22.22 with volume up from its daily average of 46.01 million to 47.06 million.
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