EmailGeneral Electric (GE $20.00 +0.20) reported second quarter earnings of $0.38 per share, excluding non-recurring items, $0.01 better than the Capital IQ consensus of $0.37, while revenues rose 2.5% year/year to $36.5 billion versus the $36.8 bln consensus. The company is on track to deliver double digit earnings growth in fiscal year 2012 (consensus +12%). Revenues were negatively impacted by $0.9 bln due to FX and further shrinkage of GE Capital business. GE Capital revenues of $11.5 bln decreased 8% from last year, driven by lower assets in-line with plan. GE's Q2 Industrial segment revenues were $25.0 bln, up 9%.
Industrial segment organic revenues were up 10% for the quarter. Industrial growth market revenues were up 17%, driven by double-digit growth in Australia, Canada, China, Latin America, the Middle East/North Africa, Southeast Asia and Russia. Industrial segment profit was up 7% to $3.7 bln and segment operating profits were strong in Energy Infrastructure and Transportation, up 13% and 58%, respectively. In addition, pricing on orders was up 1.2% in total with higher prices in 4 out of 5 businesses. Energy Infrastructure pricing was up 1.8%. Cash generated from operating activities was up 55% at $6.8 bln. GE ended the quarter with $74 bln of consolidated cash and cash equivalents. Infrastructure orders were $23.1 bln, down 1% primarily driven by a 37% decrease in orders for wind turbines. Orders were up 8% on a year-to-date basis. Total orders performance included: Aviation up 5% and Transportation up 2%.
