General Electric Q4 revenue up 4%Staff writer ▼ | January 24, 2015
General Electric reported $42 billion in fourth quarter revenue, up 4% from the same period last year. Net earnings came in at $5.2 billion or 51 cents a share.
The fourth quarter $42 billion in fourth quarter for GE
General Electric' oil & gas business suffered, as did energy management division.
"We are pleased with our execution in 2014: meeting our commitment to grow industrial segment profits 10%, industrial segment organic revenue growth of 7%, increasing operating margins 50 basis points, decreasing costs by $1.2 billion, reducing the size of GE Capital and returning $11 billion to shareowners."
General Electric' oil & gas business suffered, as did energy management division. The price of oil has declined by close to a half in the later part of 2014. The oil & gas business’ revenue declined 6% to $5 billion and energy management’s declined 2% to $2 billion.
The company plans to merge the energy management arm with Alstom’s Power and Grid businesses. That $16 billion deal was announced in June of last year and is expected to close on July 1, 2015. GE hopes is industrial business will make up 75% earnings by 2016. As of September the company estimated 60% of its earnings came from industrial. ■