General Electric (GE) FY2011 results: revenue $146.5 billion, down 2.0% on the year
General Electric Co. (GE) reported revenue of $146.5 billion for fiscal 2011, the year ended 31 December 2011, down 2.0% on the year before. Net income was $14.2 billion, up 21.5%, and diluted earnings per share $9.84. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2012.
Revenue
$146.5 billion
-2.0% on the year
FY2007FY2011
Operating margin
14.1%
11.5% a year earlier
FY2007FY2011
Net income
$14.2 billion
+21.5% on the year
FY2007FY2011
Diluted EPS
$9.84
+16.0% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
146,542
149,567
154,438
-2.0%
Cost of revenue
68,278
71,713
75,921
-4.8%
Gross profit
78,264
77,854
78,517
+0.5%
Gross margin
53.4%
52.1%
50.8%
Research and development
4,601
3,939
3,288
+16.8%
Selling, general and administrative
n/a
16,341
14,842
Operating income
20,652
17,246
15,616
+19.7%
Operating margin
14.1%
11.5%
10.1%
Interest expense
14,545
15,553
17,697
-6.5%
Pre-tax income
20,159
14,208
9,864
+41.9%
Income tax
5,745
1,039
-1,142
+452.9%
Effective tax rate
28.5%
7.3%
-11.6%
Net income
14,151
11,644
11,025
+21.5%
Net margin
9.7%
7.8%
7.1%
Diluted EPS
$9.84
$8.48
$8.08
+16.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
33,359
36,123
24,417
-7.7%
Capital expenditure
12,650
9,800
8,634
+29.1%
Free cash flow
20,709
26,323
15,783
-21.3%
Free cash flow margin
14.1%
17.6%
10.2%
Cash from investing
19,882
32,436
42,378
-38.7%
Cash from financing
-46,863
-61,586
-43,513
Depreciation and amortisation
10,730
9,786
10,636
+9.6%
Dividends paid
6,458
4,790
8,986
+34.8%
Dividend per share
$4.88
$3.68
$4.88
+32.6%
Diluted shares, weighted
1,324m
n/a
n/a
Shares outstanding at period end
1,322m
1,327m
1,333m
-0.4%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
116,438
118,936
117,291
-2.1%
Non-controlling interest
1,696
5,262
7,845
-67.8%
Deposits
43,115
37,298
33,519
+15.6%
Short-term borrowings
n/a
n/a
129,869
Debt
410,328
441,300
336,172
-7.0%
Other liabilities
145,665
144,997
157,122
+0.5%
Total liabilities and equity
717,242
747,793
781,818
-4.1%
Fixed assets
65,739
66,214
68,970
-0.7%
Goodwill
72,297
64,473
64,995
+12.1%
Intangible assets
12,068
9,973
11,751
+21.0%
Loans
n/a
310,055
319,247
Cash and equivalents
84,501
78,958
70,479
+7.0%
Receivables
20,478
18,621
16,458
+10.0%
Inventory
13,792
11,526
11,987
+19.7%
Other assets
448,367
188,671
217,931
+137.6%
Total assets
717,242
748,491
781,818
-4.2%
10-K for the year ended 31 December 2011, filed 24 February 2012: the filing.