General Electric's Energy and Technology Infrastructure Segments Show Continued Growth Despite Overall Drop in Profits

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Researched by Industrial Info Resources (Sugar Land, Texas)--General Electric Company (NYSE:GE) (GE) (Fairfield, Connecticut) recently reported earnings for the first quarter of the 2009 fiscal year. Consolidated net earnings for the company declined 35% year over year, moving from $4.30 billion in 1Q08 to $2.81 billion in 2009. GE faced substantial profit declines in the company's NBC Universal, Capital Finance and Consumer & Industrial segments, while the Energy Infrastructure and Technology Infrastructure segments showed growth.

Total segment profit was down 27% year over year, with individual segments performing as follows:

• Energy Infrastructure - profit of $1.27 billion, up 19% from 1Q08
• Technology Infrastructure - profit of $1.80 billion, up 6%
• NBC Universal - profit of $391 million, down 45%
• Capital Finance - profit of $1.12 billion , down 58%
• Consumer & Industrial - profit of $36 million, down 75% from 1Q08

GE's backlog, at $171 billion, remained relatively flat from the end of last quarter, and on a year-over-year basis, was actually 6% higher than 1Q08. The company generated $19 billion in infrastructure orders, and while equipment orders were down 21% from last year, services orders rose 7%.

The company is readying itself to take full advantage of more than $2 trillion of stimulus packages being offered throughout the world. GE's diverse interests are allowing it to take advantage of a full range of projects globally, from rail and wind projects in China to power projects in Iraq. In a conference call regarding the earnings, Chairman and CEO Jeff Immelt noted that orders from China, the Middle East and Latin America had remained relatively strong throughout the current economic decline.

Industrial Info is currently tracking several current and planned projects directly owned by General Electric and its subsidiaries, ranging from a $3 million maintenance shutdown at a Kentucky household appliances plant to an estimated $1 billion addition to a uranium enrichment plant, owned by Global Laser Enrichment (Wilmington, North Carolina), a subsidiary of GE Hitachi Nuclear Energy Incorporated (Wilmington), a joint venture company with Hitachi Limited (NYSE:HIT) (Tokyo, Japan). Information on these and countess other projects using equipment manufactured by GE are available at Industrial Info's North American and International Industrial Databases.

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