Friday, April 20, 2012

GE Transportation reports strong revenue gain

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Erie, Pa.-based GE Transportation Friday reported a "segment profit" of $232 million in the first quarter of 2012, up 48% from the same quarter a year ago. Revenue of $1.3 billion rose 41% measured against the first quarter of last year.

The announcement was incorporated within results announced by parent General Electric Co., which reported first-quarter 2012 operating earnings of $3.6 billion, or 34 cents per share, up 1% and 3%, respectively, from the first quarter of 2011. GE revenue totaled $35.2 billion.

GE Transportation's orders increased to $1.6 billion, up 67%, in the first quarter, driven by North American and international locomotive tenders, including a follow on order for 43 locomotives from Transnet in South Africa, GE said.

"We have previously communicated two significant catalysts for investors: double-digit Industrial [division] 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.