DOCSLIB.ORG

General Electric Company (GE) Event: 2014 Electrical Products Group Conference Date: May 21, 2014

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
General Electric Company (GE) Event: 2014 Electrical Products Group Conference Date: May 21, 2014 Company Name: General Electric Company (GE) Event: 2014 Electrical Products Group Conference Date: May 21, 2014 This document contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; potential market disruptions or other impacts arising in the United States or Europe from developments in sovereign debt situations; the impact of conditions in the financial and credit markets on the availability and cost of General Electric Capital Corporation’s (GECC) funding and on our ability to reduce GECC’s asset levels as planned; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; pending and future mortgage securitization claims and litigation in connection with WMC, which may affect our estimates of liability, including possible loss estimates; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the adequacy of our cash flows and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; GECC’s ability to pay dividends to GE at the planned level, which may be affected by GECC's cash flows and earnings, financial services regulation and oversight, and other factors; our ability to convert pre-order commitments/wins into orders; the price we realize on orders since commitments/wins are stated at list prices; the level of demand and financial performance of the major industries we serve, in cluding, without limitation, air and rail transportation, power generation, oil and gas production, real estate and healthcare; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of financial services regulation; our capital allocation plans, as such plans may change including with respect to the timing and size of share repurchases, acquisitions, joint ventures, dispositions and other strategic actions; our success in completing announced transactions and integrating acquired businesses; our ability to complete the staged exit from our North American Retail Finance business or the acquisition of the Thermal, Renewables and Grid businesses of Alstom as planned; the impact of potential information technology or data security breaches; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. This document includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially. GE’s Investor Relations website at www.ge.com/investor and our corporate blog at www.gereports.com, as well as GE’s Facebook page and Twitter accounts, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted. <<Steven Winoker, analyst, Sanford C. Bernstein & Co., LLC>> Anyway, now it’s time for me to hand it off to our leading Francophile and highlight of the conference, Mr. Immelt, Vous avez la parole. You have the floor. <<Jeffrey R. Immelt, Chairman and Chief Executive Officer>> Great Steve. Steven, might I add that was an awfully bold decision you made. Stay here really, you teach us off. So good morning or as we like to say at GE bonjour, it’s good to be with you. Just at the highlight look, 2014 is looking good, on track, no change to the model; we feel good about where we’re positioned. We are executing the strategy to do the retail finance spend, executing on our key initiatives. But what I really want to spike up today is some ways the company is different, some big advantages we think we are building in areas like analytics and globalization and some portfolio moves and really give you a sense of some of the big changes that are going on inside the company right now. 1 So the environment, I would say, generally getting better. U.S. gets a little better. Everyday we see demand for credit. You probably heard this week, Europe growing again. Emerging markets, we’re still quite positive and bullish on the emerging markets. Good value gap, so inflation is benign and lots of volatility around governments around the world. And our big themes continue to be in tact. So we are, I would say more bullish on the environment and feel pretty good about the way GE is positioned in that regard. The segments, really no update on the segments, off to a good start in the first quarter this year. Power a little stronger, Healthcare a little weaker, but really across-the-board, I would say pretty consistent with the expectations we set out at the beginning of the year. The team is executing well and we are seeing some good acceleration in some key segments. And so we like the profile of the segments and how we are doing. And we think some of the businesses that got off to a tough start, like Energy Management, are going to rebound in the second quarter and ought to still meet objectives for the year. No change to the way we think about Corporate, I just wanted to highlight a couple of things. Corporate costs are going to be down $500 million, so simplification is driving across the entire platform. And we still plan to do more restructuring than we have gains. So we’re doing a ton of restructuring this year; somewhere between $1 billion and $1.5 billion now to help us this year, next year and into the future, and that’s why Corporate remains a drag. So the earnings to the company would be even higher and the earnings growth rate would be higher if not for the uncovered restructuring, which we think is going to position us going forward. No real change in cash expectations for the year or revenue expectations for the year. We started off industrial organic growth at 8%. So we feel good about the profile of the company in terms of where it goes. We are executing the strategy. We expect to do the Retail Finance IPO in the third quarter so on track for that. And I think we’ve got more certainty around the timing. We feel good about the third quarter for execution of the IPO. Industrial earnings growth – double-digit earnings growth driven by organic growth in the 4% to 7% range and we continue to see good margin enhancement across our businesses. GE Capital is on track to earn $7 billion this year. We expect to get a $3 billion dividend from GE Capital this year, but that’s the precursor to getting a ton of cash out of GE Capital next year when we do the Retail Finance spin. So no change in expectations along those lines, and good steady earnings growth while we’re going through the portfolio transformation. So we expect to continue to grow the dividend aligned with earnings. We expect the share as we do the RFS split to get the shares down to 9% to 9.5%. We still expect to do at least $4 billion of dispositions this year, $4 billion of cash. The balance sheet is extremely strong in financial services and we’re on track to hit the return on invested capital of 17% by 2016 as we talked about in December. So we’re executing the strategy and very focused on the things we’re doing there. We still expect to get a gain in Retail Finance. It’s unclear whether that’s going to be in continuing 2 operations or discontinued operations, it could very well be in disc ops by the time we get there. So that’s kind of the lay of the land on strategy execution. And the profile of the businesses, look, we really feel like the industrial businesses are gaining momentum, a good backlog. Our initiatives are pretty powerful in terms of sustaining the kind of organic growth we’re getting this year. We see good margin enhancement this year that’s sustainable and leading into the future. And we’re looking at the portfolio and either getting margin enhancement of some of the underachievers or find ways to create value along those lines. GE Capital, I would say, we now are thinking about by 2015, once we do the Retail Finance spend, a number more like $300 billion in ENI versus $350 billion. So we are going to execute the spend. We are still looking hard at the red assets and see a lot of non-core opportunity. We are seeing good growth in the core GE Capital assets and looking for ways to making GE Capital even more capital efficient as times goes on. So this is the way to profile the company going forward.
Load more

Recommended publications
  • Genpact Looks to a New Era Beyond “General Electric's Provider”
    A Horses for Sources Rapid Insight Genpact Looks to a New Era beyond “General Electric’s Provider” Mike Atwood, Horses for Sources Phil Fersht, Horses for Sources In its first industry analyst conference, leading business process outsourcing (BPO) provider Genpact emphasized its business, today, is much broader than supporting General Electric’s back office and primarily delivering finance and accounting (F&A) services. The global service provider surpassed the $1 billion revenue threshold, in 2008 and new opportunities and challenges have emerged to scale and diversify its growing services business. “Tiger” Tyagarajan (Chief Operating Officer) and Bob Pryor (Executive Vice President, responsible for sales, marketing and new business development globally) co-hosted on May 18-19 in Cambridge, MA what Genpact billed as its first analyst and advisor conference. The event was well attended by all the analyst firms and many of the consulting firms which regularly help clients hire BPO firms such as Genpact. The largest of the advisory firms present was EquaTerra, which currently advises on the lion’s share of the BPO business. All and all, it was a good first effort, and more open than many service provider events we have attended in the past. The headline message was that the majority of Genpact’s business is no longer with its former parent GE (currently about 40 percent). In fact, its GE business actually declined last year as a percentage of total revenues. Further, only about one third of its business is now in finance and accounting outsourcing (FAO). As demand in other areas grows, Genpact will continue to verticalize its offerings in areas such as back office processing for financial institutions and healthcare companies, in addition to developing its IT services, and knowledge process outsourcing (KPO))/analytics offerings.
    [Show full text]
  • Cruising the Information Highway: Online Services and Electronic Mail for Physicians and Families John G
    Technology Review Cruising the Information Highway: Online Services and Electronic Mail for Physicians and Families John G. Faughnan, MD; David J. Doukas, MD; Mark H. Ebell, MD; and Gary N. Fox, MD Minneapolis, Minnesota; Ann Arbor and Detroit, Michigan; and Toledo, Ohio Commercial online service providers, bulletin board ser­ indirectly through America Online or directly through vices, and the Internet make up the rapidly expanding specialized access providers. Today’s online services are “information highway.” Physicians and their families destined to evolve into a National Information Infra­ can use these services for professional and personal com­ structure that will change the way we work and play. munication, for recreation and commerce, and to obtain Key words. Computers; education; information services; reference information and computer software. Com m er­ communication; online systems; Internet. cial providers include America Online, CompuServe, GEnie, and MCIMail. Internet access can be obtained ( JFam Pract 1994; 39:365-371) During past year, there has been a deluge of articles information), computer-based communications, and en­ about the “information highway.” Although they have tertainment. Visionaries imagine this collection becoming included a great deal of exaggeration, there are some the marketplace and the workplace of the nation. In this services of real interest to physicians and their families. article we focus on the latter interpretation of the infor­ This paper, which is based on the personal experience mation highway. of clinicians who have played and worked with com­ There are practical medical and nonmedical reasons puter communications for the past several years, pre­ to explore the online world. America Online (AOL) is one sents the services of current interest, indicates where of the services described in detail.
    [Show full text]
  • What Is REALLY Driving Digital Transformation EQUIPMENT LEASING and FINANCE ASSOCIATION Panel Members Moderator: John Deane CEO the Alta Group [email protected]
    EQUIPMENT LEASING AND FINANCE ASSOCIATION What is REALLY Driving Digital Transformation EQUIPMENT LEASING AND FINANCE ASSOCIATION Panel Members Moderator: John Deane CEO The Alta Group [email protected] Presenters: Jim Ambrose Jeff Berg President, Equipment Finance EVP - North America GE Capital Healthcare Equipment Finance DLL [email protected] [email protected] Tiger Tyagarajan President & CEO Genpact [email protected] EQUIPMENT LEASING AND FINANCE ASSOCIATION Digitization: A definition “Digitization is the use of digital technologies to change a business model and provide new revenue and value- producing opportunities; it is the process of moving to a digital business.” Source: EQUIPMENT LEASING AND FINANCE ASSOCIATION Digitization of Marketing Timeline EQUIPMENT LEASING AND FINANCE ASSOCIATION Digitization Drivers: The 4 C’s Customers Costs Competition Compliance • Increased • Reduce cost to serve • New entrants • Know your expectations • Deliver process • New business customer • Less loyalty improvements models • Anti-money • Digital lifestyle • Drive agility and • Technology laundering flexibility players … • Anti-fraud Apple • Reduce headcount Google • Risk management and OpEx LinkedIn • Capital adequacy Facebook EQUIPMENT LEASING AND FINANCE ASSOCIATION Why Worry? Because if you don’t digitize … then someone else will EQUIPMENT LEASING AND FINANCE ASSOCIATION DLL Express Finance mobile application Financing at your fingertips Jeffrey Berg EVP - North America – DLL Financial Solutions Partner EQUIPMENT
    [Show full text]
  • Edison Facts 2021.Indd
    Edison Facts Did You Know? ■ Thomas Edison was born on February 11, 1847, in Milan, Ohio. ■ Edison was partially deaf. ■ At age 10, Edison built his first science laboratory in the basement of his family's home. ■ Edison acquired 1,093 U.S. patents for his inventions. He held the record for the most patents until 2015, when he was surpassed by inventor Lowell Wood, who today holds 1,969 U.S. patents. ■ The first invention that Edison tried to sell was an electric vote recorder. ■ The phonograph was Edison's favorite invention. ■ In 1879, Edison invented the first incandescent light bulb. ■ Edison tested over 6,000 vegetable growths (baywood, boxwood, hickory, cedar, flax, bamboo) as filament material in his light bulbs. ■ Edison set up the Pearl Street Central Power Station, the world's first “electric light-power station” in lower Manhattan. ■ Edison's Pearl Street plant powered one square mile of Lower Manhattan, providing service to 59 customers for approximately 24 cents per kilowatt-hour. ■ Edison founded the Edison General Electric Company in 1878 to market his inventions, including the incandescent lamp. In 1892, the company merged with the Thomson-Houston Company to form the General Electric Company. ■ Edison began operation of the first passenger electric railway in the country in Menlo Park, New Jersey. ■ Edison was nicknamed the “Wizard of Menlo Park”. ■ In 1913, Edison introduced the first talking motion pictures. ■ Edison coined the phrase, “Genius is one percent inspiration, 99 percent perspiration.” ■ Edison passed away when he was 84 years old, on Sunday, Learn more about October 18, 1931.
    [Show full text]
  • General Electric Partners with Leading Investors to Transform Gecis, Its Global Business Processing Operation, Into an Independent Company
    General Electric Partners With Leading Investors To Transform Gecis, its Global Business Processing Operation, into an Independent Company Move Will Enable Gecis to Pursue Global Demand for BPO Services Fairfield, Conn. (November 8, 2004) – General Electric today announced it has entered into a definitive agreement with two leading private-investment firms, General Atlantic Partners and Oak Hill Capital Partners, under which the firms will acquire a majority interest in GE Capital International Services (Gecis), GE’s global business- processing operation. Gecis already is one of the largest shared-service providers in the world, employing more than 17,000 professional staff. As a recapitalized, independent company, Gecis will be well positioned to offer its high-quality business-processing services to companies in the Americas, Europe, and Asia, where it already has operations. Gecis will continue to serve GE under a multiyear contract, and Pramod Bhasin will remain as president and chief executive officer, supported by the current Gecis global management team. Approximately 1,000 Gecis employees will remain with GE. The transaction, subject to customary approvals, values Gecis at $800 million. Upon closing, GE will retain a 40 percent stake in Gecis and receive cash proceeds of approximately $500 million, which it plans to use to fund growth initiatives. The parties aim to complete the transaction some time in the next six months. “This transaction allows us to offer our quality business-process services to an expanding roster of leading companies worldwide,” Bhasin said in making today’s announcement. “With accelerated growth, Gecis will provide expanded opportunities for employees and increased value for shareholders.
    [Show full text]
  • General Electric Company (“GE” Or “Respondent”)
    UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES ACT OF 1933 Release No. 10899 / December 9, 2020 SECURITIES EXCHANGE ACT OF 1934 Release No. 90620 / December 9, 2020 ACCOUNTING AND AUDITING ENFORCEMENT Release No. 4194 / December 9, 2020 ADMINISTRATIVE PROCEEDING File No. 3-20165 ORDER INSTITUTING CEASE-AND- In the Matter of DESIST PROCEEDINGS, PURSUANT TO SECTION 8A OF THE SECURITIES ACT GENERAL ELECTRIC OF 1933 AND SECTION 21C OF THE COMPANY, SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING Respondent. REMEDIAL SANCTIONS AND A CEASE- AND-DESIST ORDER I. The Securities and Exchange Commission (“Commission”) deems it appropriate that cease- and-desist proceedings be, and hereby are, instituted pursuant to Section 8A of the Securities Act of 1933 (“Securities Act”) and 21C of the Securities Exchange Act of 1934 (“Exchange Act”) against General Electric Company (“GE” or “Respondent”). II. In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the “Offer”) which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission’s jurisdiction over it and the subject matter of these proceedings, which are admitted, Respondent consents to the entry of this Order Instituting Cease- and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order (“Order”), as set forth below.
    [Show full text]
  • Global BPO Leader Launches New Identity
    Genpact Opens Business Services & Technology Center in the Philippines to Service Global Clients New York, NY (June 8, 2006) – Genpact announces it will open its newest business- processing center in the Philippines this summer. Recruiting has begun at the 5,400 sq. metre facility in the Alabang suburb of Manila, where professionals will provide finance & accounting services, customer-service support, collections, and IT services to Genpact’s increasing roster of global clients. It is the seventh country of operations for Genpact, formerly known as GE Capital International Services. Genpact President & CEO Pramod Bhasin said, “Our business outlook is extremely bright, which is encouraging us to invest in countries like the Philippines where English is the primary business language and good talent is available. We believe the Philippines is a perfect complement to the services we provide to GE and our global clients.” Bhasin said the company expects to hire approximately 150 professionals and trained graduates in the Philippines this year. The Alabang facility has capacity for 800 associates, and Genpact employment in the Philippines could reach 2,000 to 3,000 over the next several years, Bhasin added. Genpact Senior Vice President Ashok Tyagi said the quality of recruits in the area has been “exceedingly high.” He commended the municipal Alabang government as well as the Philippine government for their support in welcoming Genpact to the community. WIDE RANGE OF GLOBAL CLIENTS Genpact provides a range of business services and technology solutions to global enterprises to positively impact their sales, earnings, cash flow, customer retention, and speed to market. Besides the 35 businesses that comprise the General Electric Company (NYSE: GE), Genpact counts GlaxoSmithKline, Nissan, Wachovia, Genworth, Penske, Air Canada, and Linde among the two-dozen Fortune 500 clients it has gained since GE commercialized its business-processing outsourcing arm on January 1, 2005.
    [Show full text]
  • General Electric's Ceo Jeffrey Immelt – “A
    GENERAL ELECTRIC’S CEO JEFFREY IMMELT – “A BLUEPRINT FOR COMPETITIVENESS” Jeffrey R. Immelt Chairman and Chief Executive Officer, General Electric Company Chairman of the Council on Jobs and Competitiveness March 31, 2011 DAVID RUBENSTEIN: Welcome, members of The Economic Club of Washington, and our guests. Welcome to this luncheon at the Mandarin Oriental in Washington, DC. We’re very honored today to have as our special guest Jeff Immelt, the chairman and CEO of the General Electric Company. As I think all of you probably know, General Electric is one of the most enduring companies in the world. It was actually founded by Thomas Edison and was one of the 12 original companies in the Dow Jones Index and is the only company from the original 12 that is still in the Dow Jones Industrial Index. It’s a company that today employs about 287,000 individuals around the world, and has a market capitalization of over $200 billion. It’s an iconic American company and it’s now led by Jeff Immelt. Jeff Immelt took over on September the 7th in 2001, shortly before 9/11. Prior to taking over as CEO, he had run the medical systems division at GE and had been at GE since he graduated from Harvard Business School in 1982. He had – before Harvard Business School – spent 2 years at Procter & Gamble in his hometown of Cincinnati where, as is probably well known, his officemate was Steve Ballmer, who later went on to run another company that people have heard of, Microsoft. And they became very good friends at that time.
    [Show full text]
  • The Board's Role in Monitoring Strategy – Lessons Learned from GE
    The Board’s Role in Monitoring Strategy: Lessons Learned from General Electric By Michael J. Berthelot, Natasha Lasensky, and Paul Somers January 14, 2019 THE BOARD’S ROLE IN MONITORING STRATEGY The Board’s Role in Monitoring Strategy: Lessons Learned from General Electric Michael J. Berthelot, Natasha Lasensky, and Paul Somers Rady School of Management University of California, San Diego Author Note Natasha Lasensky and Paul Somers are M.B.A. candidates in the Rady School of Management, University of California, San Diego. Natasha Lasensky is a Project Manager in Software and Web Development at PINT Inc. Paul Somers is the Head of Programs for GKN Aerospace EPW, and responsible for program performance, profits and losses, customer satisfaction, and commercial function. Michael J. Berthelot is a lecturer in the M.B.A. program at the Rady School of Management, where he teaches the course, “The Board, the CEO, and Corporate Governance.” Berthelot has served as chief executive officer for two publicly-traded companies and on more than thirty boards over the course of his career. He currently serves on the board of a New York Stock Exchange-listed consumer products company. Correspondence concerning this article should be addressed to Michael J. Berthelot, Cito Capital Corporation, P O Box 5005 PMB #5, Rancho Santa Fe CA 92067. E-mail: [email protected]. THE BOARD’S ROLE IN MONITORING STRATEGY 1 History Thomas Edison founded General Electric (GE) in 1878. During its early years, GE primarily focused on the generation and application of electricity, expanding into plastics and radio broadcasting in the early 1900s.
    [Show full text]
  • Integrated Data Acquisition and Recorder System PDF, 438KB
    Complete and comprehensive data acquisition, processing, and storage solutions with the Model 3255M Integrated Data Acquisition and Recorder System. Flexible, modular, vehicle monitoring and data acquisition The IDARS acquires, processes and stores data for a wide range of analog, digital and discrete sources. GE Aviation’s configurable software controls the entire system and is easily modified for any specific application. Crash survivable, position location and water recovery Impact resistant greater than 3,400 Gs. Water recoverable with optional acoustic beacon to 20,000 feet. Mission analysis and crew training IDARS flight and voice data provides an integrated analysis database for optional GE Aviation’s Integrated Data Acquisition and Data Recorder System (IDARS) is versatile animated flight replay capability and Flight and easily adaptable to a wide variety of customer requirements – requirements that go Operational Quality Assurance, FOQA. beyond flight data and voice recording and into information management. IDARS is versatile and supports custom tailoring of hardware and software configurations to meet specific customer vehicle acquisition and processing requirements. geaviation.com Specifications - Performance 3255M IDARS Authorized to TSO-C123c and TSO-C124c Compliant to EUROCAE ED-112A requirements Environment per RTCA DO-160 Rev G Mechanical Temperature: -40 ºC to +71 ºC 1/2-ATR short chassis per ARINC 404 (12.62” L x 4.88” W x 7.62” H) Electrical (320.5mm L x 123.95 Modular design characteristics,tailored to the specific
    [Show full text]
  • Ge 2013 Annual Report 1 Letter to Shareowners
    Progress GE Works 20132013 AnnualAnnual ReportReport ON THE COVER: Shana Sands, GE Power & Water, Greenville, South Carolina. Turbine is destined for Djelfa, Algeria. PICTURED: Lyman Jerome, GE Aviation Focusing our best capabilities on what matters most to our investors, employees, customers and the world’s progress. PICTURED, PAGE 1 Back row (left to right): JOHN G. RICE KEITH S. SHERIN SUSAN P. PETERS Vice Chairman, GE Vice Chairman, GE Senior Vice President, and Chairman and Human Resources MARK M. LITTLE Chief Executive Officer, Senior Vice President and JEFFREY S. BORNSTEIN GE Capital Chief Technology Officer Senior Vice President and Front row (left to right): Chief Financial Officer JEFFREY R. IMMELT Chairman of the Board and JAMIE S. MILLER BETH COMSTOCK Chief Executive Officer Senior Vice President and Senior Vice President and Chief Information Officer Chief Marketing Officer DANIEL C. HEINTZELMAN Vice Chairman, Enterprise BRACKETT B. DENNISTON III NOT PICTURED: John L. Risk and Operations Senior Vice President and Flannery, Senior Vice President, General Counsel Business Development 2013 PERFORMANCE CONSOLIDATED SEGMENT OPERATING EARNINGS GE CFOA REVENUES (In $ billions) PROFIT (In $ billions) PER SHARE (In $ billions) 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 $154 $149 $147 $147 $146 CAPITAL 5149 48 45 44 $24.5 $1.64 $17.8 $17.4* $22.8 $1.51 $16.4 $20.5 $1.30 $14.7 $17.2 $1.13 NBCU 15 17 6 2 2 $15.7 $12.1 $0.91 INDUSTRIAL 88 83 93 100 100 *Excludes NBCUniversal deal-related taxes GE Scorecard Industrial Segment Profi t Growth 5% Return on Total Capital 11.3% Cash from GE Capital $6B GE Capital Tier 1 Common Ratio 11.2% Margin Growth 60bps GE Year-End Market Capitalization $282B, +$64B Cash Returned to Investors $18.2B GE Rank by Market Capitalization #6 GE 2013 ANNUAL REPORT 1 LETTER TO SHAREOWNERS MAKING PROGRESS GE has stayed competitive for more than a century—not because we are perfect—but because we make progress.
    [Show full text]
  • The Rise and Fall of the General Electric Corporation Computer Department
    all o e ation J.A.N. LEE The computer department of the General Electric Corporation began with the winning of a single contract to provide a special purpose computer system to the Bank of America, and expanded to the development of a line of upward compatible machines in advance of the IBM System/360 and whose descendants still exist in 1995, lo a highly successful time-sharing service, and to a process control business. Over the objections of the executive officers of the Company the computer department strived to become the number two in the industry, but after fifteen years, to the surprise of many in the industry, GE sold the operation and got out of the competition to concentrate on other products that had a faster turn around on investment and a well established first or second place in their industty This paper looks at the history of the GE computer department and attempts to draw some conclusions regarding the reasons why this fif- teen year venture was not more successful, while recognizing that~therewere success- ful aspects of the operation that could have balanced the books and provided neces- sary capital for a continued business. Introduction date for sale to the insurance industry. After visiting two here are truly four intertwined, and in some aspects dis- insurance companies in New York City in early 1950, he joint, stories that epitomize the almost 15 years of associ- received a message through the president of GE, Ralph ation of the General Electric Corp. with the production of Cordiner, that he was to attend a meeting with the president computers for general consumption.
    [Show full text]