Sunday, January 20, 2013

GE Transportation marks good year

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GE Transportation's fourth-quarter results included $252 million in earnings, or "segment profits," in the fourth quarter, up 11.5% from $226 million in the comparable 2011 quarter.

The company generated $1.4 billion in revenue during the fourth quarter, down 7% from the fourth quarter of 2011. But record full-year revenue of $5.6 billion rose 15% over 2011's with full-year segment profits of $1.0 billion up about 32% from $757 million in 2011.

GE Transportation's fourth-quarter orders totaled $1.3 billion up 7%, while full-year orders of $5.5 billion was up 21% over 2011, the company said.

The results of Erie, Pa.-based GE Transportation were reported Friday as part of Fairfield, Conn.-based General Electric Co.'s fourth-quarter earnings; GE reported earnings of $4.7 billion, or 44 cents per share, both up 13% from the fourth quarter of 2011, on revenue of $39.3 billion, up 4% from the comparable quarter in 2011. Those results beat Wall Street analyst estimates of 43 cents per share.

"We ended the year with a strong quarter despite the mixed global economic environment," said GE Chairman and CEO Jeff Immelt. "The outlook for developed markets remains uncertain, but we are seeing growth in China and the resource rich countries. With our largest backlog in history and a substantial amount of cash generated by our businesses in the fourth quarter, we have great momentum going into 2013."

Said GE Transportation President Lorenzo Simonelli, "Fourth-quarter 2012 capped off a very successful year during with GE Transportation delivered record-level revenues and profits and gained nearly three points in margin improvements."

"Looking ahead, our recent strategic acquisitions and substantial investments in technology and new production capacity have positioned us well to continue to deliver value to our customers and for strong operating performance in 2013," Simonelli said.