Revenue for the third quarter was flat at $35.4 billion. Operating income rose only 3% to $3.7 billion. The numbers were misleading. GE’s segment revenue, the best measure of its operations, rose 12%, largely on the power of its large energy infrastructure sales which were higher by 30% to $10.9 billion. Unfortunately, performance at the unit was slightly tarnished as segment operating income fell 9% to $1.5 billion.
| Three Months | Nine Months | |||||||||||||||||||||
| Ended September 30 | Ended September 30 | |||||||||||||||||||||
| (Dollars in millions) | 2011 | 2010 | V% | 2011 | 2010 | V% | ||||||||||||||||
| Revenues | ||||||||||||||||||||||
| Energy Infrastructure | $ | 10,855 | $ | 8,359 | 30 | % | $ | 30,706 | $ | 26,554 | 16 | % | ||||||||||
| Aviation(a) | 4,835 | 4,391 | 10 | % | 13,935 | 12,815 | 9 | % | ||||||||||||||
| Healthcare(a) | 4,332 | 3,958 | 9 | % | 12,920 | 11,793 | 10 | % | ||||||||||||||
| Transportation(a) | 1,287 | 869 | 48 | % | 3,421 | 2,344 | 46 | % | ||||||||||||||
| Home & Business Solutions | 2,094 | 2,125 | (1 | )% | 6,236 | 6,315 | (1 | )% | ||||||||||||||
| GE Capital | 11,148 | 11,101 | – | % | 34,985 | 34,676 | 1 | % | ||||||||||||||
| Total segment revenues | 34,551 | 30,803 | 12 | % | 102,203 | 94,497 | 8 | % | ||||||||||||||
| Corporate items and eliminations(a) | 816 | 4,570 | (82 | )% | 7,124 | 13,871 | (49 | )% | ||||||||||||||
| Consolidated revenues from continuing operations | $ | 35,367 | $ | 35,373 | – | % | $ | 109,327 | $ | 108,368 | 1 | % | ||||||||||
| Segment profit(a) | ||||||||||||||||||||||
| Energy Infrastructure | $ | 1,503 | $ | 1,656 | (9 | )% | $ | 4,436 | $ | 5,047 | (12 | )% | ||||||||||
| Aviation(a) | 862 | 805 | 7 | % | 2,662 | 2,483 | 7 | % | ||||||||||||||
| Healthcare(a) | 608 | 581 | 5 | % | 1,850 | 1,739 | 6 | % | ||||||||||||||
| Transportation(a) | 196 | 101 | 94 | % | 531 | 242 | F | |||||||||||||||
| Home & Business Solutions | 38 | 104 | (63 | )% | 218 | 318 | (31 | )% | ||||||||||||||
| GE Capital | 1,467 | 818 | 79 | % | 4,927 | 2,131 | F | |||||||||||||||
| Total segment profit | 4,674 | 4,065 | 15 | % | 14,624 | 11,960 | 22 | % | ||||||||||||||
| Corporate items and eliminations(a) | (717 | ) | 140 | U | 992 | 300 | F | |||||||||||||||
| GE interest and other financial charges | (356 | ) | (393 | ) | 9 | % | (1,032 | ) | (1,166 | ) | 11 | % | ||||||||||
| GE provision for income taxes | (378 | ) | (705 | ) | 46 | % | (4,437 | ) | (2,479 | ) | (79 | )% | ||||||||||
| Earnings from continuing operations attributable to the Company | 3,223 | 3,107 | 4 | % | 10,147 | 8,615 | 18 | % | ||||||||||||||
| Earnings (loss) from discontinued operations, net of taxes, attributable to the Company | 1 | (1,052 | ) | F | 274 | (1,506 | ) | F | ||||||||||||||
| Consolidated net earnings attributable to the Company | $ | 3,224 | $ | 2,055 | 57 | % | $ | 10,421 | $ | 7,109 | 47 | % | ||||||||||
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