GE announced today first-quarter 2012 Operating Earnings of $3.6 billion, up 1% from the first-quarter of 2011. Operating EPS was up 17% excluding one-time items. GAAP earnings from continuing operations (attributable to GE) were $3.3 billion, down 4% from the prior year quarter.

Revenues were $35.2 billion for the quarter, down 8% reflecting the non-repeat of the NBCU and Garanti sales in 1Q ’11 and lower ENI at GE Capital. Industrial segment revenue grew by 14%. The strength of GE’s portfolio was underscored by record first quarter Infrastructure orders of $23.1 billion, up 20%. The company is executing well and is on track to deliver double-digit earnings growth in 2012 for both Industrial businesses and GE Capital.

• GE Capital’s first quarter earnings were $1.8 billion, flat from last year, but up 27% excluding the 1Q’11 Garanti sale impact.
• GE Capital’s revenues of $11.4 billion decreased 12% from last year ($13.0 billion).

The company believes that GE Capital’s strong business performance should continue for the year. Margins on new business continue to be attractive, with overall portfolio margins increasing. Real Estate turned its first profit since 3Q 2008. GECC’s Tier One common ratio of 10.4% has never been stronger. GE Capital’s solid liquidity position and earnings power remain a source of strength.

“We have previously communicated two significant catalysts for investors: double-digit Industrial earnings growth and the return of the GE Capital dividend to the parent,” said GE Chairman and CEO Jeff Immelt. “Today’s results demonstrate that we are achieving Industrial growth and GE Capital continues to grow stronger. This quarter we witnessed broad-based strength in orders across all our Infrastructure businesses and in both equipment and services. We see  ncouraging leading indicators driven by global growth. Our strategy to invest in technology and global growth platforms continues to produce results with 11% organic Industrial segment revenue growth and 10% Industrial segment profit growth in the first quarter.”

GE Capital Aviation Services (GECAS) reported revenues of $1.3 billion, flat from last year.

Immelt concluded, “We had a strong performance to kick off the year and the leading indicators support our 2012 framework. Industrial segment profit grew. We are positioned for double digit growth and our Industrial cash plan remains solid. We expect to return excess cash from GE Capital over the course of 2012, subject to review by the Federal Reserve. Capital allocation will be balanced and investor friendly. We are prepared for a variety of global outcomes which positions us to deliver for our investors in 2012 and beyond.”

To read the full General Electric press release, click here.