Including the effects of discontinued operations, full-year net earnings attributable to GE were $11.6 billion ($1.06 per share attributable to common shareowners) in 2010 compared with $11.0 billion ($1.01 per share attributable to common shareowners) in 2009.
Full year revenues decreased 3% to $150.2 billion. GE Capital Services’ (GECS) revenues fell 4% versus last year to $50.5 billion. Industrial sales were $100.2 billion, down 3% from 2009.
Fourth-quarter earnings from continuing operations attributable to GE were $3.9 billion, up 31% from $3.0 billion in the fourth quarter of 2009. EPS from continuing operations was .36, up 33% from the fourth quarter of last year. Segment profit increased 28% compared with the fourth quarter of 2009, as increases of more than 900% at GE Capital, 38% at NBC Universal and 11% at Technology Infrastructure more than offset a 2% earnings decline at Energy Infrastructure.
Including the effects of discontinued operations, fourth-quarter net earnings attributable to GE were $4.5 billion (.42 per share attributable to common shareowners) in 2010 compared with $3.0 billion (.28 per share) in 2009, up 50%. GE Capital completed the strategic sale of BAC Credomatic GECF Inc. This resulted in a gain of .8 billion in discontinued operations, which was partially offset by disposition losses related to our U.S. recreational vehicle and marine equipment financing and Consumer Mexico businesses.
Fourth-quarter revenues increased 1% to $41.4 billion. GECS revenues fell 2% versus last year to $12.8 billion. Industrial sales were $28.7 billion, up 1% from 2009.
Cash generated from GE Industrial operating activities in 2010 totaled $14.7 billion, down 10% from $16.4 billion last year.
“GE exits 2010 with significant momentum,” Immelt said. “As we shared at our December 2010 investor update, we expect that GE earnings growth will continue in 2011 and 2012. We have simplified the portfolio and dramatically reduced risk. We have invested in organic growth with global partnerships, a 21% increase in R&D and a broad array of new products. We are executing a balanced and disciplined capital-allocation plan with dividend increases, acquisitions and share repurchases. Our framework for 2011 is quite achievable and we are optimistic about the future.”