General Electric Company (NYSE:GE) reports record backlog of $204 billion and operating income per share growth of 12% in the second quarter of 2012. Post the announcement of the quarterly results the Company has announced reorganizing of its Energy business into three standalone businesses effective in the fourth quarter of 2012.
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Total revenue increased 2% yoy to $36.5 billion with its industrial segment posting revenue of $25.043 billion, an increase of 9% yoy. Revenue of the energy infrastructure sub-segment and the transportation sub-segment increased 15% to $11.919 billion and 27% to $1.565 billion respectively. GE Capital (GECC) revenues of $11.5 billion decreased 8% from last year, driven by lower assets in-line with plan.
Backlog order was at record high of $204 billion which included orders from Infrastructure segment of $23.1 billion, up 8% yoy while orders from Aviation segment was up 5% yoy and from Transportation segment was up 2% yoy.
Segment profit in the quarter reported by the Company’s infrastructure, energy and the oil & gas and the GE Capital segments were $1.755 billion (up 13%); $1.282 billion (up 15%); $0.535 billion (up 11%) and $2.122 billion (up 31%) respectively.
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The total costs and expenses have increased 4% yoy and the net earnings were down 18% to $3.138 billion as compared to net earnings of $3.837 billion reported in the same quarter last year. Operating earnings posted by the Company was $4 billion up 7% from the year ago period while operating earnings per share was $0.38 up 12% from the year ago results. Adjustment to GAAP continued operations earnings of $3.658 billion or $0.34 per share was non-operating pension costs of $0.352 billion or $0.03 per share net of tax.
The Company ended the quarter in cash of $74 billion on a consolidated basis while cash generated by the Company’s operations was $6.8 billion, an increase of 55%.
General Electric Company (GE) is a diversified technology and financial services company.