General Electric Company announced unaudited consolidated and standalone earnings results for the fourth quarter and full year ended December 31, 2012. On consolidated basis, the company's fourth quarter operating earnings were $4.7 billion, up 13% from fourth-quarter 2011, and operating EPS was $0.44, up 13%. GAAP earnings from continuing operations (attributable to GE) were $4.3 billion, up 9%, or $0.41 per share, up 11% from the fourth quarter of 2011. Positive one-time gains of $0.01 per share were more than offset by $0.02 per share of restructuring and other charges. Including the effects of discontinued operations, fourth-quarter net earnings attributable to GE were $4.0 billion or $0.38 per share attributable to common shareowners in 2012 compared with $3.7 billion or $0.35 per share attributable to common shareowners in the fourth quarter of 2011. Fourth quarter revenues increased 4% to $39.3 billion. Industrial sales of $27.3 billion increased 2% compared to the fourth quarter of 2011. GECC revenues of $11.8 billion increased 2% from last year. Earnings from continuing operations before income taxes were $5,269 million against $4,520 million a year ago. Earnings from continuing operations were $4,451 million against $4,053 million a year ago. Operating earnings (non-GAAP measure) were $4,666 million or $0.44 per diluted share against $4,142 million or $0.39 per diluted share a year ago.


On consolidated basis, the company's full year operating earnings were $16.1 billion, up 8%, from $14.9 billion in 2011, and operating EPS was $1.52, up 16%, and up 10% excluding effects of the third quarter of 2011 preferred stock redemption. GAAP earnings from continuing operations (attributable to GE) were $14.7 billion, or $1.39 per share, up 3% and 12% respectively from 2011. Including the effects of discontinued operations, full year net earnings attributable to GE were $13.6 billion or $1.29 per share attributable to common shareowners in 2012 compared with $14.2 billion or $1.23 per share attributable to common shareowners in 2011. Full year revenues were $147.4 billion, flat with last year and up 3% excluding the $3.7 billion pre-tax gain on the sale of NBC Universal in 2011. Industrial sales of $100.9 billion increased 6% from last year. GECC revenues of $46.0 billion were down 6% from 2011. Cash generated from GE operating activities in 2012 totaled $17.8 billion, up 48% from $12.1 billion last year. Cash generated from GE Industrial operating activities in 2012 totaled $11.4 billion, down 5% from last year. Earnings from continuing operations before income taxes were $17,406 million against $20,257 million a year ago. Earnings from continuing operations attributable to the company were $14,679 million or $0.39 per diluted share against $14,227 million or $1.24 per diluted share a year ago. Operating earnings (non-GAAP measure) were $16,065 million or $1.52 per diluted share against $14,915 million or $1.31 per diluted share a year ago.


For the quarter, on standalone basis, the company reported total revenues and other income of $29,939 million against $28,711 million a year ago. Earnings from continuing operations before income taxes were $5,128 million against $4,417 million a year ago. Earnings from continuing operations attributable to the company were $4,316 million against $3,970 million a year ago. Net earnings attributable to GE common shareowners were $4,011 million against $3,730 million a year ago.

For the full year, on standalone basis, the company reported total revenues and other income of $110,933 million against $106,890 million a year ago. Earnings from continuing operations before income taxes were $16,852 million against $19,231 million a year ago. Earnings from continuing operations attributable to the company were $14,679 million against $14,227 million a year ago. Net earnings attributable to GE common shareowners were $13,641 million against $14,151 million a year ago.