GE posted its second quarter earnings report with the following comment from Jeff Immelt, Chairman and CEO:
“GE had a strong second quarter, with good industrial organic growth and exceptional cash generation. The environment remains one of slow growth and volatility, particularly in growth markets, while the U.S. is gradually improving. Our industrial businesses had another quarter of strong EPS growth of 18% and orders up 8%. We continue to execute on our plan to exit GE Capital, with $68 billion in dispositions announced this year, and are on track for our goal of closing $100 billion in 2015. We are raising our 2015 Industrial operating EPS guidance to $1.13–1.20, and are confirming GE Capital verticals are on track for EPS of $0.15.”
2Q Highlights:
- Industrial segment operating profit +5%, +11% organic, 5 of 7 segments growing earnings (all segments up organically)
- Industrial segment revenues $26.9 billion, 0%, +5% organic
- Industrial segment operating margins +70 bps, gross margins +60 bps
- Industrial CFOA YTD $3.5 billion, +79%
- Record backlog of $272 billion, +8% vs. 2Q’14
- Orders +8%, +13% organic, with strong equipment orders in Aviation +37% and Power & Water +29%
- GE Capital dispositions ahead of plan, $68 billion signed YTD; ENI (ex. liquidity) at $179 billion
For the complete report or to view the webcase, click here.
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