GE announced fourth-quarter 2011 operating earnings of $4.1 billion, up 6% from the fourth-quarter of 2010. Revenues were $38.0 billion for the quarter and $147.3 billion for the year. Record Infrastructure orders of $28.6 billion in the fourth quarter enabled GE to end the year with a backlog of $200 billion, the largest in its history.
“GE’s portfolio demonstrated strength and resilience, delivering earnings growth for the seventh consecutive quarter while also generating substantial operating cash flow to support investment in our business and dividend growth,” said GE Chairman and CEO Jeff Immelt. “We are confident in our 2012 framework to realize double-digit earnings growth in our Industrial and Capital segments, increase margins and provide dividend growth to our shareholders in line with earnings.”
GE Capital’s Commercial Lending and Leasing business revenues for the fourth quarter and full year were $4.3 billion and $18.2 billion, respectively down from $4.8 billion (8.4%) and $18.4 billion (1.5%).
GE Capital posted earnings of $1.6 billion, up 58% for the quarter and full year revenues of $49 billion, down 1.6% versus full year 2010 results.
Immelt added, “GE Capital, like our Industrial businesses, is stronger and competitively positioned to win. GE Capital is poised to grow double-digit in 2012, while continuing to shrink its balance sheet and strengthen its capital and liquidity positions. GE Capital volume grew to $49 billion, up 13% from the third quarter and margins remained healthy at 5.4%. Tier One common ratios are now at 11.4% and 9.9%, and remain a source of strength. As we have previously stated, we expect to restart the dividend from GE Capital to GE this year, subject to Federal Reserve review.”
Immelt concluded, "We finish 2011 with momentum and are positioned for a strong 2012. Our Industrial businesses are positioned for growth. GE Capital is strong and profitable. We have substantial cash available to improve shareholder returns. The Company is positioned to perform for investors."