Jul 22, 2011
General Electric (NYSE:GE) reported Q2 EPS of 34 cents, topping consensus estimates of 32 cents per share. Revenue in the quarter totaled $35.63 billion, above the consensus estimate of $34.72 billion. Excluding NBC Universal, revenues rose 7% year-over-year. Industrial revenue rose 23%.
GE also announced that in October it will retire the preferred stock issues to Warren Buffet's Berkshire Hathaway.
GE reported a backlog of $189 billion.
GE Chairman and CEO Jeff Immelt said, "With our fifth-consecutive quarter of double-digit earnings growth, we continue to execute in a volatile environment. We posted solid overall operating earnings growth of 18%, with strong contributions from GE Capital, Healthcare, Transportation, Aviation, and Oil & Gas. GE's backlog grew to a record high of $189 billion. Total infrastructure orders were up 24%, reflecting robust strength in equipment orders, up 33%, and service orders up 16%. We are very encouraged by second-quarter orders and earnings momentum across the company. We are optimistic about our growth prospects in the second half and beyond."
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