Dubai, October 31, 2002 ---- General Electric has announced its third-quarter earnings of U.S.$4.1 billion, reflecting a growth of 25 percent over the third quarter 2001. The promising earnings, in addition to a 16 percent increase in cash flow from operations, "are a testament to the effectiveness of GE's key strategic initiatives and business model in promoting growth in all of our diversified businesses around the world, including the Middle East region," said Nabil Habayeb, National Executive, General Electric, Gulf.
Double-digit growth was noted at several of the company's businesses including GE Industrial Systems. GE Medical Systems drove its third- quarter orders up by 11 percent compared to last year's figure, while GE Power Systems' Energy Services division reported a 29 percent increase in contractual service commitments. The new figures include revenue growth to U.S.$32.6 billion, 11 percent above last year's quarter, and operating margins of 19.3 percent of sales, up from last year's 18.9 percent, reflecting GE's continuing productivity gains and sales of high-margin services.
"GE delivered 41 cents per share and strong cash flow growth in what continues to be a more difficult economic environment than anticipated," said Jeff Immelt, GE Chairman and CEO. "We are managing through a variety of short-term challenges at some of our businesses. However, in total, GE continues to deliver. This is a tribute to the strength of the GE business model - a great set of leading businesses with strong growth capability and exceptional cash discipline."
"The economy is much tougher than anyone planned, but the fundamentals of GE are in great shape. We've got a great team of people who continue to serve our customers effectively and who come to work looking for new products and services, and new markets for growth. We are maintaining our full-year target of U.S.$1.65 per share in the environment we see today."
GE (NYSE:GE) is a diversified technology, services and manufacturing company with a commitment to achieving customer success. GE operates in more than 100 countries and employs approximately 310,000 people worldwide.
GE Power Systems ( www.gepower.com) is one of the world's leading suppliers of power generation technology, energy services and management systems with estimated 2002 revenues of nearly $23 billion. The business has the largest installed base of power generation equipment in the global energy industry. GE Power Systems provides equipment, service and management solutions across the power generation, oil and gas, distributed power and energy rental industries.
Dubai, October 31, 2002 ---- General Electric has announced its third-quarter earnings of U.S.$4.1 billion, reflecting a growth of 25 percent over the third quarter 2001. The promising earnings, in addition to a 16 percent increase in cash flow from operations, "are a testament to the effectiveness of GE's key strategic initiatives and business model in promoting growth in all of our diversified businesses around the world, including the Middle East region," said Nabil Habayeb, National Executive, General Electric, Gulf.
Double-digit growth was noted at several of the company's businesses including GE Industrial Systems. GE Medical Systems drove its third- quarter orders up by 11 percent compared to last year's figure, while GE Power Systems' Energy Services division reported a 29 percent increase in contractual service commitments. The new figures include revenue growth to U.S.$32.6 billion, 11 percent above last year's quarter, and operating margins of 19.3 percent of sales, up from last year's 18.9 percent, reflecting GE's continuing productivity gains and sales of high-margin services.
"GE delivered 41 cents per share and strong cash flow growth in what continues to be a more difficult economic environment than anticipated," said Jeff Immelt, GE Chairman and CEO. "We are managing through a variety of short-term challenges at some of our businesses. However, in total, GE continues to deliver. This is a tribute to the strength of the GE business model - a great set of leading businesses with strong growth capability and exceptional cash discipline."
"The economy is much tougher than anyone planned, but the fundamentals of GE are in great shape. We've got a great team of people who continue to serve our customers effectively and who come to work looking for new products and services, and new markets for growth. We are maintaining our full-year target of U.S.$1.65 per share in the environment we see today."
GE (NYSE:GE) is a diversified technology, services and manufacturing company with a commitment to achieving customer success. GE operates in more than 100 countries and employs approximately 310,000 people worldwide.
GE Power Systems ( www.gepower.com) is one of the world's leading suppliers of power generation technology, energy services and management systems with estimated 2002 revenues of nearly $23 billion. The business has the largest installed base of power generation equipment in the global energy industry. GE Power Systems provides equipment, service and management solutions across the power generation, oil and gas, distributed power and energy rental industries.
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