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GE - General Electric 2Q 2008 Earnings Call FINAL TRANSCRIPT GE - General Electric 2Q 2008 Earnings Call Event Date/Time: Jul. 11. 2008 / 8:30AM ET www.streetevents.com Contact Us © 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. FINAL TRANSCRIPT Jul. 11. 2008 / 8:30AM, GE - General Electric 2Q 2008 Earnings Call CORPORATE PARTICIPANTS Dan Janki General Electric - VP, Investor Communications Jeff Immelt General Electric - Chairman & CEO Keith Sherin General Electric - Vice Chairman CFO CONFERENCE CALL PARTICIPANTS Jeff Sprague Citigroup Investment Research - Analyst Deane Dray Goldman Sachs - Analyst Nicole Parent Credit Suisse - Analyst Robert Cornell Lehman Brothers - Analyst John Inch Merrill Lynch - Analyst Scott Davis Morgan Stanley - Analyst Nigel Coe Deutsche Bank - Analyst Steve Tusa JPMorgan - Analyst Christopher Glynn Oppenheimer & Co. - Analyst PRESENTATION Operator Good day, ladies and gentlemen and welcome to the General Electric second-quarter 2008 earnings conference call. At this time, all participants are in listen-only mode. My name is Lauren and I will be your conference coordinator today. (OPERATOR INSTRUCTIONS). As a reminder, this conference is being recorded. I would now like to turn the program over to your host for today©s conference, Dan Janki, VP of Investor Communications. Please proceed. Dan Janki - General Electric - VP, Investor Communications Thank you, Lauren. First of all, I would like to welcome everyone. [JoAnn] and I are pleased to host today©s conference call. The press release went out this morning at 6:30 with our financial information. That, along with today©s presentation and supplemental financials are available at our investor website at www.GE.com/investor. You can follow along via the webcast or you can download and print the information. Today©s presentation does contain forward-looking statements based on the world and economic environment as we see it today and it is subject to change. www.streetevents.com Contact Us 1 © 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. FINAL TRANSCRIPT Jul. 11. 2008 / 8:30AM, GE - General Electric 2Q 2008 Earnings Call We will be going through today in the presentation an update on second-quarter operations and financial results and outlook on third quarter. To do that, we have our Chairman and CEO, Jeff Immelt and our Vice Chairman and CFO, Keith Sherin. So I would like to turn it over to Jeff to get us started. Jeff Immelt - General Electric - Chairman & CEO Great, Dan, thanks. Welcome, everybody. Just to go straight to the overview page. We believe we had a solid performance in a tough environment, delivering $0.54 per share and continuing operations in line with guidance. We©re really driven by global revenue growth of 24%, offsetting a sluggish US economy and our long-term positioning of the Company outside the United States has really benefited us in the second quarter of ©08. The industrial businesses I think actually did quite well. We had a gain on the JV of our Hitachi nuclear business in the second quarter last year, but if you take that away, the industrial earnings growth was actually fairly strong. Infrastructure leads the way and Keith will go through more details on that later and healthcare and NBCU were in line or slightly better than expectations. If you look at our financial service earnings, I think particularly versus their peers, they were both above our own expectations and we believe compare favorably to the broader industry. Commercial finance was up 7%, GE Money down 9% and we will spend some time today just going through the business model of risk management, attractive origination, AAA funding, originating for our own balance sheet and we will go through that in more details. As we said in the past, as we have gains, we will apply them to restructuring. We had about $300 million of gains on business dispositions in the quarter and we did about $400 million of restructuring. So the business fundamentals remain strong. We are positioned for long-term growth. We remain on track for guidance for the year of $2.20 to $2.30 and again, I think we executed well in a tough environment. If you go to the next page, we continue to execute on our long-term strategy. We made several portfolio announcements in the quarter. First, in GE Money, you read this morning we reached agreement on disposition of GE Money including Lake. This was something that we talked about last year. Keith will give you more details. The private label credit card disposition is progressing. It is a good business, fundamentally strong. Slower than we expected, but we believe we will get it done and we assigned a Europe Santander swap of one of their commercial finance banks for some of our consumer assets in Europe. We announced the intent to explore distribution of consumer and industrial to our shareowners. Now, we talked about appliances in May. We have received great interest in our appliance business. A lot of the strategics are global buyers. This is a tremendous strategic opportunity for them to build a strong North American operation. However, it was our view that the total lighting and industrial business are very interwoven in the business and the tax-free spend to our shareowners may be the best approach and again, we will go through that in a little bit more detail. We closed the Hydril and Whatman transactions. These are sweet spots for our oil and gas and healthcare business and we will continue to do acquisitions like that, remain opportunistic in financial services, closing the Merrill Capital deal and Citi will close in July. And we announced the Weather Channel investment with NBCU in the lead, so we continue to invest in our great media operations. We have had an initiative called growth as a process for four or five years. That pays dividends in a slow economy like this. Our total orders remain robust at up 8%. Our equipment backlog up 25%. I would like to highlight just the strength in services, which I think has always been a big part of our business model. Service revenues up 18%, service orders up 19%, CSA backlog up 17%. This is high margin from the installed base and we think this bodes well for the future. Organic growth up 5% and industrial organic growth up 9%. And as I said earlier, global revenues up 24%, now more than half of our overall revenues. www.streetevents.com Contact Us 2 © 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. FINAL TRANSCRIPT Jul. 11. 2008 / 8:30AM, GE - General Electric 2Q 2008 Earnings Call From an operating standpoint, solid infrastructure margin expansion of 60 basis points. We continue to drive restructurings and we are on track for our cost goals for the year and we will go through that in a little bit more detail and our industrial cash flow from operating activities was up 5%, driven by working capital improvements. Just quickly before I turn it over to Keith. Some of the key operating performance metrics that we talk about, solid growth in orders, revenues and assets. So again, even in a sluggish economy, we think our process capabilities remain very strong. Earnings that are on expectations, returns of 17.6%, margin rates of 16.4%, down 40 basis points from last year and again, infrastructure was up, healthcare and NBCU roughly on plan and we really were dragged down by consumer and industrial and that is really a pricing story as much as anything else. We did substantial cost-out work in C&I in the quarter and cash on plan with a very strong balance sheet and solid AAA. So again, we believe this is a solid performance in a difficult environment. I©ll now turn it over to Keith to kind of go through some of the details. Keith Sherin - General Electric - Vice Chairman CFO Jeff, thanks. Let me start with two recent announcements. First, this morning, we©re really pleased that we have reached an agreement with Shinsei Bank to sell our GE Money business in Japan. Some of you may have seen the announcement. This includes the Lake personal loan business that we talked about selling last year. In addition to the personal loan business, we have expanded this transaction. It is larger than the original announcement. We have included an additional $1.7 billion of mortgage and credit card assets and Shinsei is going to take over 1100 branches, all our employees, all the assets and with that sale, with the additional assets and the complete sale, we recorded an additional $200 million of charge in disc ops in Q2 and we anticipate this is going to close in the third quarter. So we have been working on this for quite awhile. It is terrific that the team was able to execute on lightening up on consumer assets in Japan in a pretty tough environment and Shinsei has got a win here. They really want to get into the consumer business and they have got a great platform and they really like the quality of the portfolio and the people and the systems and the team that they are getting. So we are thrilled to have that signed up today.
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