Date of Report (Date of earliest event reported) April 22, 2016
|
||||||||
|
||||||||
General Electric Company
|
||||||||
(Exact name of registrant as specified in its charter)
|
||||||||
|
||||||||
New York
|
001-00035
|
14-0689340
|
||||||
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
||||||
|
||||||||
3135 Easton Turnpike, Fairfield, Connecticut
|
06828-0001
|
|||||||
(Address of principal executive offices)
|
(Zip Code)
|
|||||||
|
||||||||
Registrant's telephone number, including area code (203) 373-2211
|
||||||||
|
||||||||
(Former name or former address, if changed since last report.)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
General Electric Company
|
|||
(Registrant)
|
|||
|
|||
Date: April 22, 2016
|
/s/ Jan R. Hauser
|
||
Jan R. Hauser
Vice President and Controller
|
GENERAL ELECTRIC COMPANY
|
||||||||||||||||||||
CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)
|
||||||||||||||||||||
Consolidated
|
GE(a)
|
Financial Services (GE Capital)
|
||||||||||||||||||
Three months ended March 31
|
2016
|
2015
|
V%
|
2016
|
2015
|
V%
|
2016
|
2015
|
V%
|
|||||||||||
Revenues and other income
|
||||||||||||||||||||
Sales of goods and services
|
$
|
25,314
|
$
|
23,683
|
7%
|
$
|
25,407
|
$
|
23,839
|
7%
|
$
|
25
|
$
|
21
|
19%
|
|||||
Other income
|
9
|
142
|
92
|
52
|
-
|
-
|
||||||||||||||
GE Capital earnings (loss) from continuing operations
|
-
|
-
|
(893)
|
(5,721)
|
-
|
-
|
||||||||||||||
GE Capital revenues from services
|
2,522
|
2,414
|
-
|
-
|
2,860
|
2,845
|
||||||||||||||
Total revenues and other income
|
27,845
|
26,239
|
6%
|
24,606
|
18,171
|
35%
|
2,885
|
2,866
|
1%
|
|||||||||||
Costs and expenses
|
||||||||||||||||||||
Cost of sales
|
20,362
|
18,682
|
19,890
|
18,325
|
589
|
535
|
||||||||||||||
Selling, general and administrative expenses
|
4,608
|
4,415
|
3,982
|
3,825
|
874
|
792
|
||||||||||||||
Interest and other financial charges
|
1,736
|
618
|
440
|
389
|
1,430
|
339
|
||||||||||||||
Investment contracts, insurance losses and
|
||||||||||||||||||||
insurance annuity benefits
|
642
|
613
|
-
|
-
|
671
|
642
|
||||||||||||||
Other costs and expenses
|
259
|
291
|
-
|
-
|
268
|
290
|
||||||||||||||
Total costs and expenses
|
27,606
|
24,619
|
12%
|
24,313
|
22,540
|
8%
|
3,833
|
2,597
|
48%
|
|||||||||||
Earnings (loss) from continuing operations
|
||||||||||||||||||||
before income taxes
|
238
|
1,621
|
(85)%
|
294
|
(4,369)
|
F
|
(948)
|
269
|
U
|
|||||||||||
Benefit (provision) for income taxes
|
139
|
(6,294)
|
(201)
|
(306)
|
341
|
(5,988)
|
||||||||||||||
Earnings (loss) from continuing operations
|
378
|
(4,673)
|
F
|
92
|
(4,675)
|
F
|
(608)
|
(5,719)
|
89%
|
|||||||||||
Earnings (loss) from discontinued
|
||||||||||||||||||||
operations, net of taxes
|
(308)
|
(8,936)
|
(308)
|
(9,025)
|
(308)
|
(8,935)
|
||||||||||||||
Net earnings (loss)
|
69
|
(13,608)
|
F
|
(216)
|
(13,700)
|
98%
|
(916)
|
(14,654)
|
94%
|
|||||||||||
Less net earnings (loss) attributable to
|
||||||||||||||||||||
noncontrolling interests
|
(121)
|
(35)
|
(117)
|
(127)
|
(4)
|
91
|
||||||||||||||
Net earnings (loss) attributable to the Company
|
191
|
(13,573)
|
F
|
(98)
|
(13,573)
|
99%
|
(912)
|
(14,745)
|
94%
|
|||||||||||
Preferred stock dividends
|
(289)
|
-
|
-
|
-
|
(289)
|
-
|
||||||||||||||
Net earnings (loss) attributable to
|
||||||||||||||||||||
GE common shareowners
|
$
|
(98)
|
$
|
(13,573)
|
99%
|
$
|
(98)
|
$
|
(13,573)
|
99%
|
$
|
(1,201)
|
$
|
(14,745)
|
92%
|
|||||
Amounts attributable to GE common
|
||||||||||||||||||||
shareowners:
|
||||||||||||||||||||
Earnings (loss) from continuing operations
|
$
|
378
|
$
|
(4,673)
|
F
|
$
|
92
|
$
|
(4,675)
|
F
|
$
|
(608)
|
$
|
(5,719)
|
89%
|
|||||
Less net earnings (loss) attributable
|
||||||||||||||||||||
to noncontrolling interests, continuing operations
|
(121)
|
(124)
|
(117)
|
(127)
|
(4)
|
2
|
||||||||||||||
Earnings (loss) from continuing operations
|
||||||||||||||||||||
attributable to the Company
|
499
|
(4,548)
|
F
|
210
|
(4,548)
|
F
|
(604)
|
(5,721)
|
89%
|
|||||||||||
Preferred stock dividends
|
(289)
|
-
|
-
|
-
|
(289)
|
-
|
||||||||||||||
Earnings (loss) from continuing operations
|
||||||||||||||||||||
attributable to GE common shareowners
|
210
|
(4,548)
|
F
|
210
|
(4,548)
|
F
|
(893)
|
(5,721)
|
84%
|
|||||||||||
Earnings (loss) from discontinued
|
||||||||||||||||||||
operations, net of taxes
|
(308)
|
(8,936)
|
(308)
|
(9,025)
|
(308)
|
(8,935)
|
||||||||||||||
Less net earnings (loss) attributable to
|
||||||||||||||||||||
noncontrolling interests, discontinued operations
|
-
|
89
|
-
|
-
|
-
|
89
|
||||||||||||||
Net earnings (loss) attributable to GE
|
||||||||||||||||||||
common shareowners
|
$
|
(98)
|
$
|
(13,573)
|
99%
|
$
|
(98)
|
$
|
(13,573)
|
99%
|
$
|
(1,201)
|
$
|
(14,745)
|
92%
|
|||||
Per-share amounts - earnings (loss) from
|
||||||||||||||||||||
continuing operations
|
||||||||||||||||||||
Diluted earnings (loss) per share
|
$
|
0.02
|
$
|
(0.45)
|
F
|
|||||||||||||||
Basic earnings (loss) per share
|
$
|
0.02
|
$
|
(0.45)
|
F
|
|||||||||||||||
Per-share amounts - net earnings (loss)
|
||||||||||||||||||||
Diluted earnings (loss) per share
|
$
|
(0.01)
|
$
|
(1.35)
|
99%
|
|||||||||||||||
Basic earnings (loss) per share
|
$
|
(0.01)
|
$
|
(1.35)
|
99%
|
|||||||||||||||
Total average equivalent shares
|
||||||||||||||||||||
Diluted earnings
|
9,372
|
10,067
|
(7)%
|
|||||||||||||||||
Basic earnings
|
9,288
|
10,067
|
(8)%
|
|||||||||||||||||
Dividends declared per common share
|
$
|
0.23
|
$
|
0.23
|
-%
|
|||||||||||||||
Amounts attributable to GE
|
||||||||||||||||||||
common shareowners:
|
||||||||||||||||||||
Earnings (loss) from continuing operations
|
$
|
210
|
$
|
(4,548)
|
F
|
|||||||||||||||
Adjustment (net of tax): non-operating pension costs
|
333
|
452
|
||||||||||||||||||
Operating earnings (loss) (non-GAAP measure)
|
$
|
543
|
$
|
(4,096)
|
F
|
|||||||||||||||
Operating earnings - diluted
|
||||||||||||||||||||
earnings (loss) per share (non-GAAP measure)
|
$
|
0.06
|
$
|
(0.41)
|
F
|
(a) | Refers to the Industrial businesses of the Company including GE Capital on an equity basis. |
GENERAL ELECTRIC COMPANY
|
|||||||
SUMMARY OF OPERATING SEGMENTS (UNAUDITED)
|
|||||||
Three months ended March 31
|
|||||||
(Dollars in millions)
|
2016
|
2015
|
V%
|
||||
Revenues(a)
|
|||||||
Power
|
$
|
5,204
|
$
|
4,612
|
13 %
|
||
Renewable Energy
|
1,669
|
1,028
|
62 %
|
||||
Oil & Gas
|
3,314
|
4,040
|
(18)%
|
||||
Energy Connections
|
2,260
|
1,685
|
34 %
|
||||
Aviation
|
6,262
|
5,674
|
10 %
|
||||
Healthcare
|
4,183
|
4,075
|
3 %
|
||||
Transportation
|
981
|
1,308
|
(25)%
|
||||
Appliances & Lighting
|
1,996
|
1,940
|
3 %
|
||||
Total industrial segment revenues
|
25,869
|
24,362
|
6 %
|
||||
Capital
|
2,885
|
2,866
|
1 %
|
||||
Total segment revenues
|
28,754
|
27,228
|
6 %
|
||||
Corporate items and eliminations(a)
|
(909)
|
(988)
|
|||||
Consolidated revenues
|
$
|
27,845
|
$
|
26,239
|
6 %
|
||
Segment profit (loss)(a)
|
|||||||
Power
|
$
|
573
|
$
|
757
|
(24)%
|
||
Renewable Energy
|
83
|
57
|
46 %
|
||||
Oil & Gas
|
308
|
489
|
(37)%
|
||||
Energy Connections
|
(85)
|
28
|
U
|
||||
Aviation
|
1,524
|
1,314
|
16 %
|
||||
Healthcare
|
631
|
587
|
7 %
|
||||
Transportation
|
164
|
225
|
(27)%
|
||||
Appliances & Lighting
|
115
|
102
|
13 %
|
||||
Total industrial segment profit
|
3,314
|
3,560
|
(7)%
|
||||
Capital
|
(893)
|
(5,721)
|
84 %
|
||||
Total segment profit (loss)
|
2,421
|
(2,162)
|
F
|
||||
Corporate items and eliminations(a)
|
(1,571)
|
(1,691)
|
|||||
GE interest and other financial charges
|
(440)
|
(389)
|
|||||
GE provision for income taxes
|
(201)
|
(306)
|
|||||
Earnings (loss) from continuing operations attributable to GE common shareowners
|
210
|
(4,548)
|
F
|
||||
Earnings (loss) from discontinued operations, net of taxes
|
(308)
|
(8,936)
|
97 %
|
||||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations
|
-
|
89
|
U
|
||||
Earnings (loss) from discontinued operations net of tax and noncontrolling interest
|
(308)
|
(9,025)
|
97 %
|
||||
Consolidated net earnings (loss) attributable to GE common shareowners
|
$
|
(98)
|
$
|
(13,573)
|
99 %
|
||
(a)
|
Segment revenues include revenues and other income related to the segment. Segment profit excludes results reported as discontinued operations and material accounting changes, the portion of earnings or loss attributable to noncontrolling interests of consolidated subsidiaries, and as such only includes the portion of earnings or loss attributable to our share of the consolidated earnings or loss of consolidated subsidiaries. Segment profit excludes or includes interest and other financial charges and income taxes according to how a particular segment's management is measured – excluded in determining segment profit, which we sometimes refer to as "operating profit," for Power, Renewable Energy, Oil & Gas, Energy Connections, Aviation, Healthcare, Transportation and Appliances & Lighting; included in determining segment profit, which we sometimes refer to as "net earnings," for Capital. Certain corporate costs, such as shared services, employee benefits and information technology are allocated to our segments based on usage. A portion of the remaining corporate costs are allocated based on each segment's relative net cost of operations. Total industrial segment revenues and profit include the sum of our eight industrial reporting segments without giving effect to the elimination of transactions among such segments. Total segment revenues and profit include the sum of our eight industrial segments and one financial services segment, without giving effect to the elimination of transactions among such segments. We believe that this provides investors with a view as to the results of all of our segments, without inter-segment eliminations and corporate items.
|
GENERAL ELECTRIC COMPANY
|
||||||||||||||||||
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
|
||||||||||||||||||
Consolidated
|
GE(a)
|
Financial Services (GE Capital)
|
||||||||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||||||
(Dollars in billions)
|
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Assets
|
||||||||||||||||||
Cash and marketable securities
|
$
|
108.0
|
$
|
102.5
|
$
|
9.4
|
$
|
10.5
|
$
|
98.7
|
$
|
91.9
|
||||||
Receivables
|
25.9
|
27.0
|
14.4
|
14.7
|
-
|
-
|
||||||||||||
Inventories
|
23.9
|
22.5
|
23.8
|
22.4
|
0.1
|
0.1
|
||||||||||||
GE Capital financing receivables - net
|
11.9
|
12.1
|
-
|
-
|
23.7
|
25.0
|
||||||||||||
Property, plant & equipment - net
|
53.8
|
54.1
|
19.7
|
20.1
|
34.9
|
34.8
|
||||||||||||
Receivable from GE Capital (debt assumption)
|
-
|
-
|
73.6
|
84.7
|
-
|
-
|
||||||||||||
Investment in GE Capital
|
-
|
-
|
38.2
|
46.2
|
-
|
-
|
||||||||||||
Goodwill & intangible assets
|
83.1
|
83.4
|
80.3
|
80.6
|
2.8
|
2.8
|
||||||||||||
Contract assets
|
21.7
|
21.2
|
21.7
|
21.2
|
-
|
-
|
||||||||||||
Other assets
|
49.2
|
46.7
|
20.0
|
20.5
|
39.5
|
36.0
|
||||||||||||
Assets of businesses held for sale
|
3.0
|
2.8
|
3.0
|
2.8
|
-
|
-
|
||||||||||||
Assets of discontinued operations
|
81.6
|
121.0
|
-
|
-
|
81.6
|
120.9
|
||||||||||||
Total assets
|
$
|
462.2
|
$
|
493.1
|
$
|
304.2
|
$
|
323.8
|
$
|
281.2
|
$
|
311.5
|
||||||
Liabilities and equity
|
||||||||||||||||||
Borrowings
|
$
|
186.0
|
$
|
197.6
|
$
|
93.0
|
$
|
103.1
|
$
|
167.8
|
$
|
180.2
|
||||||
Investment contracts, insurance liabilities and
|
||||||||||||||||||
insurance annuity benefits
|
26.3
|
25.7
|
-
|
-
|
27.0
|
26.2
|
||||||||||||
Non-current compensation and benefits
|
40.4
|
40.5
|
39.6
|
39.5
|
0.8
|
1.0
|
||||||||||||
Other liabilities
|
75.7
|
78.9
|
74.6
|
77.1
|
10.2
|
11.1
|
||||||||||||
Liabilities of businesses held for sale
|
1.0
|
0.9
|
1.5
|
1.4
|
-
|
-
|
||||||||||||
Liabilities of discontinued operations
|
36.9
|
46.5
|
0.1
|
0.1
|
36.8
|
46.4
|
||||||||||||
Redeemable noncontrolling interest
|
3.0
|
3.0
|
3.0
|
3.0
|
-
|
-
|
||||||||||||
GE shareowners' equity
|
91.1
|
98.3
|
91.1
|
98.3
|
38.2
|
46.2
|
||||||||||||
Noncontrolling interests
|
1.7
|
1.9
|
1.2
|
1.4
|
0.4
|
0.5
|
||||||||||||
Total liabilities and equity
|
$
|
462.2
|
$
|
493.1
|
$
|
304.2
|
$
|
323.8
|
$
|
281.2
|
$
|
311.5
|
||||||
(a) | Refers to the Industrial businesses of the Company including GE Capital on an equity basis. |
|
Industrial and GE Capital operating earnings (loss) and EPS
|
|
GE Industrial operating + Verticals Earnings and EPS
|
|
GE Industrial + Verticals revenues
|
|
Industrial segment operating profit and operating profit margin (excluding Alstom)
|
|
Industrial operating profit and operating profit margin (excluding Alstom)
|
|
Industrial organic operating profit
|
|
Industrial segment gross margins (excluding Alstom)
|
|
Industrial segment organic revenue growth
|
|
Industrial cash flows from operating activities (Industrial CFOA)
|
|
Capital ending net investment (ENI), excluding liquidity
|
INDUSTRIAL AND GE CAPITAL OPERATING EARNINGS (LOSS) AND EPS
|
|||||||
Three months ended March 31
|
|||||||
(Dollars in millions; except per share amounts)
|
2016
|
2015
|
V%
|
||||
Earnings (loss) from continuing operations attributable to GE common shareowners
|
$
|
210
|
$
|
(4,548)
|
F
|
||
Adjustment (net of tax): non-operating pension costs
|
333
|
452
|
|||||
Operating earnings (loss)
|
543
|
(4,096)
|
F
|
||||
Less GE Capital earnings (loss) from continuing operations attributable to GE common shareowners
|
(893)
|
(5,721)
|
|||||
Operating earnings excluding GE Capital earnings (loss) from continuing operations attributable to GE
|
|||||||
(Industrial operating earnings)
|
$
|
1,436
|
$
|
1,625
|
(12)%
|
||
|
|||||||
Earnings (loss) per share - diluted(a)
|
|||||||
Continuing earnings (loss) per share
|
0.02
|
(0.45)
|
F
|
||||
Adjustment (net of tax): non-operating pension costs
|
0.04
|
0.04
|
-%
|
||||
Operating earnings (loss) per share
|
0.06
|
(0.41)
|
F
|
||||
Operating earnings (loss) per share attributable to GE Capital (GE Capital operating EPS)
|
(0.10)
|
(0.57)
|
82%
|
||||
Operating earnings per share attributable to Industrial (Industrial operating EPS)
|
$
|
0.15
|
$
|
0.16
|
(6)%
|
||
(a)
|
Earnings (loss) per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total.
|
GE INDUSTRIAL OPERATING + VERTICALS EARNINGS AND EPS
|
|||||||
Three months ended March 31
|
|||||||
(Dollars in millions; except per share amounts)
|
2016
|
2015
|
V%
|
||||
GE Capital operating earnings (loss)
|
$
|
(893)
|
$
|
(5,721)
|
84%
|
||
Less: Verticals earnings(a)
|
496
|
346
|
|||||
GE Capital operating earnings less Verticals earnings
|
$
|
(1,389)
|
$
|
(6,067)
|
77%
|
||
Industrial operating earnings
|
$
|
1,436
|
$
|
1,625
|
(12)%
|
||
Verticals earnings(a)
|
496
|
346
|
|||||
Industrial operating earnings + Verticals earnings
|
$
|
1,932
|
$
|
1,971
|
(2)%
|
||
Earnings (loss) per share - diluted(b)
|
|||||||
Industrial operating earnings-per-share
|
$
|
0.15
|
$
|
0.16
|
(6)%
|
||
Verticals earnings-per-share
|
0.05
|
0.03
|
67%
|
||||
Industrial operating + Verticals earnings-per-share
|
$
|
0.21
|
$
|
0.20
|
5%
|
||
(a)
|
Verticals include businesses expected to be retained (GECAS, EFS, Industrial Finance, and run-off Insurance), including allocated corporate costs of $25 million and $58 million after tax in the three months ended March 31, 2016 and 2015, respectively.
|
(b)
|
Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total.
|
GE INDUSTRIAL + VERTICALS REVENUES
|
|||||||
Three months ended March 31
|
|||||||
(Dollars in millions)
|
2016
|
2015
|
V%
|
||||
GE Capital revenues
|
$
|
2,885
|
$
|
2,866
|
1 %
|
||
Less: Verticals revenues(a)
|
2,637
|
2,551
|
3 %
|
||||
GE Capital revenues less Verticals revenues
|
$
|
248
|
$
|
314
|
(21)%
|
||
Industrial segment revenues
|
$
|
25,869
|
$
|
24,362
|
6 %
|
||
Verticals revenues(a)
|
2,637
|
2,551
|
3 %
|
||||
Corporate items and eliminations
|
(909)
|
(988)
|
|||||
GE Industrial + Verticals revenues
|
$
|
27,597
|
$
|
25,925
|
6 %
|
||
(a)
|
Verticals include businesses expected to be retained (GECAS, EFS, Industrial Finance, and run-off Insurance).
|
INDUSTRIAL SEGMENT OPERATING PROFIT AND OPERATING MARGIN (EXCLUDING ALSTOM)
|
|||||
Three months ended March 31
|
|||||
(Dollars in millions)
|
2016
|
2015
|
|||
Revenues
|
|||||
Total industrial segment revenues
|
$
|
25,869
|
$
|
24,362
|
|
Less: Alstom revenues
|
2,813
|
-
|
|||
Total industrial segment operating revenues excluding Alstom
|
$
|
23,056
|
$
|
24,362
|
|
Segment profit (loss)
|
|||||
Total industrial segment operating profit
|
$
|
3,314
|
$
|
3,560
|
|
Total industrial segment operating profit margin
|
12.8%
|
14.6%
|
|||
Less: Alstom profit (loss)
|
(20)
|
-
|
|||
Total industrial segment operating profit excluding Alstom
|
$
|
3,335
|
$
|
3,560
|
|
Total industrial segment operating profit margin excluding Alstom
|
14.5%
|
14.6%
|
|||
INDUSTRIAL OPERATING PROFIT AND OPERATING PROFIT MARGIN (EXCLUDING ALSTOM)
|
|||||
Three months ended March 31
|
|||||
(Dollars in millions)
|
2016
|
2015
|
|||
Revenues
|
|||||
Total industrial segment revenues
|
$
|
25,869
|
$
|
24,362
|
|
Corporate items and eliminations
|
(909)
|
(988)
|
|||
Less: gains
|
59
|
-
|
|||
Less: GE-GE Capital eliminations
|
(540)
|
(518)
|
|||
Adjusted corporate items and eliminations(a)
|
(428)
|
(471)
|
|||
Total Industrial operating revenues
|
25,440
|
23,892
|
|||
Less Alstom revenues
|
2,813
|
-
|
|||
Total Industrial operating revenues excluding Alstom(a)
|
$
|
22,627
|
$
|
23,892
|
|
Segment profit (loss)
|
|||||
Total industrial segment profit
|
$
|
3,314
|
$
|
3,560
|
|
Corporate items and eliminations
|
(1,571)
|
(1,691)
|
|||
Less: gains
|
59
|
-
|
|||
Less: restructuring and other charges
|
(686)
|
(422)
|
|||
Less: non-operating pension costs (pre-tax)
|
(512)
|
(695)
|
|||
Adjusted corporate items and eliminations(a)
|
(431)
|
(574)
|
|||
Total Industrial operating profit
|
2,883
|
2,985
|
|||
Less Alstom profit (loss)
|
(20)
|
-
|
|||
Total Industrial operating profit excluding Alstom(a)
|
$
|
2,904
|
$
|
2,985
|
|
Total Industrial operating profit margin
|
12.8%
|
12.5%
|
|||
(a)
|
Excludes gains and restructuring and non-operating pension costs (pre-tax).
|
INDUSTRIAL ORGANIC OPERATING PROFIT
|
|||||||
Three months ended March 31
|
|||||||
(Dollars in millions)
|
2016
|
2015
|
V%
|
||||
Segment profit (loss)
|
|||||||
Total industrial segment profit
|
$
|
3,314
|
$
|
3,560
|
(7)%
|
||
Adjusted corporate items and eliminations(a)
|
(431)
|
(574)
|
|||||
Total industrial profit(a)
|
$
|
2,883
|
$
|
2,985
|
(3)%
|
||
Less the effects of:
|
|||||||
Acquisitions, business dispositions (other than
|
|||||||
dispositions of businesses acquired for investment)
|
|||||||
and currency exchange rates
|
$
|
(51)
|
$
|
41
|
|||
Total industrial profit excluding effects of acquisitions,
|
|||||||
business dispositions (other than dispositions of
|
|||||||
businesses acquired for investment) and currency
|
|||||||
exchange rates (Industrial organic operating profit)(a)
|
$
|
2,935
|
$
|
2,944
|
-%
|
||
(a)
|
Excludes gains and restructuring and non-operating pension costs (pre-tax).
|
INDUSTRIAL SEGMENT GROSS MARGIN (EXCLUDING ALSTOM)
|
|||||
Three months ended March 31
|
|||||
(Dollars in millions)
|
2016
|
2015
|
|||
Industrial Sales
|
$
|
25,407
|
$
|
23,839
|
|
Less: Corporate sales and eliminations
|
(456)
|
(439)
|
|||
Industrial segment sales
|
25,863
|
24,278
|
|||
Less: Alstom sales
|
2,887
|
-
|
|||
Industrial segment sales excluding Alstom
|
$
|
22,976
|
$
|
24,278
|
|
Industrial cost of sales
|
$
|
19,890
|
$
|
18,325
|
|
Less: Corporate cost of sales and eliminations
|
599
|
415
|
|||
Industrial segment cost of sales
|
19,291
|
17,910
|
|||
Less: Alstom cost of sales
|
2,329
|
-
|
|||
Industrial segment cost of sales excluding Alstom
|
$
|
16,962
|
$
|
17,910
|
|
Industrial segment gross margin
|
6,572
|
6,368
|
|||
Industrial segment gross margin percentage
|
25.4%
|
26.2%
|
|||
Industrial segment gross margin excluding Alstom
|
6,014
|
6,368
|
|||
Industrial segment gross margin percentage excluding Alstom
|
26.2%
|
26.2%
|
|||
INDUSTRIAL SEGMENT ORGANIC REVENUE GROWTH
|
|||||||
Three months ended March 31
|
|||||||
(Dollars in millions)
|
2016
|
2015
|
V%
|
||||
Industrial segment revenues
|
$
|
25,869
|
$
|
24,362
|
6%
|
||
Less the effects of:
|
|||||||
Acquisitions, business dispositions (other than
|
|||||||
dispositions of businesses acquired for investment)
|
|||||||
and currency exchange rates
|
2,287
|
542
|
|||||
Industrial segment revenues excluding effects of acquisitions,
|
|||||||
business dispositions (other than dispositions of
|
|||||||
businesses acquired for investment) and currency
|
|||||||
exchange rates (Industrial segment organic revenues)
|
$
|
23,582
|
$
|
23,821
|
(1)%
|
||
INDUSTRIAL CASH FLOWS FROM OPERATING ACTIVITIES (INDUSTRIAL CFOA)
|
|||||||
Three months ended March 31
|
|||||||
(Dollars in millions)
|
2016
|
2015
|
V%
|
||||
Cash from GE's operating activities (continuing operations), as reported
|
$
|
7,856
|
$
|
1,340
|
F
|
||
Less dividends from GE Capital
|
7,500
|
450
|
|||||
Cash from GE's operating activities (continuing operations),
|
|||||||
excluding dividends from GE Capital (Industrial CFOA)
|
$
|
356
|
$
|
890
|
(60)%
|
||
CAPITAL ENDING NET INVESTMENT (ENI), EXCLUDING LIQUIDITY
|
|||||
(Dollars in billions)
|
March 31, 2016
|
March 31, 2015(b)
|
|||
Financial Services (GE Capital) total assets
|
$
|
281.2
|
$
|
476.5
|
|
Adjustment deferred income taxes
|
4.3
|
-
|
|||
GE Capital total assets
|
285.4
|
476.5
|
|||
Less assets of discontinued operations
|
81.6
|
31.3
|
|||
Less non-interest bearing liabilities
|
43.0
|
66.0
|
|||
Capital ENI
|
160.8
|
379.2
|
|||
Less liquidity(a)
|
79.7
|
76.4
|
|||
Capital ENI, excluding liquidity
|
$
|
81.1
|
$
|
302.8
|
|
Discontinued operations, excluding liquidity
|
45.6
|
28.6
|
|||
Total ENI (excluding liquidity) including discontinued operations
|
$
|
126.7
|
331.4
|
||
Total ENI (excluding liquidity) including discontinued operations percentage
|
|||||
variance to March 31, 2015
|
(62)%
|
||||
(a)
|
Liquidity includes cash and equivalents and $13.9 billion of high quality interest bearing deposits at March 31, 2016.
|
(b)
|
As originally reported.
|
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