What was the primary driver of the revenue growth in the first quarter of 2000?

Revenue growth was driven by a 24% increase in consolidated revenues, with GE's industrial businesses seeing a 21% rise. Volume increases across most businesses, particularly in Power Systems, Technical Products and Services, and NBC, were significant contributors.

How did GE Capital Services (GECS) perform during the quarter?

GECS reported strong results with earnings up 17% to $1.210 billion. This growth was attributed to a significant increase in earnings from Specialized Financing (including GE Equity), strong double-digit increases in Consumer Services and Mid-Market Financing, partially offset by lower results in Specialty Insurance.

What was the impact of the Toho Mutual Life Insurance Company acquisition on GE's financial position?

The acquisition of Toho's assets and liabilities significantly increased GECS assets by $14.5 billion and liabilities by $14.2 billion. This included approximately $13 billion in cash acquired, along with financing receivables and other assets, in exchange for assuming Toho's insurance policyholder liabilities.

What is the company's stance on the new accounting standard for derivatives (Statement 133)?

GE is preparing for the adoption of Statement 133, effective January 1, 2001. This standard requires derivative instruments to be recognized at fair value. Management has not yet determined the full impact on its financial statements and does not believe an estimate is meaningful at this time, pending further FASB deliberations.

GE 10-Q Quarterly Report Q1 FY2000 — Revenue, Net Income, EPS

Summary

General Electric Company (GE) reported robust financial performance for the first quarter ended March 31, 2000, with record earnings and revenues. Consolidated revenues surged by 24% year-over-year to $30.0 billion, driven by strong performance across industrial businesses and GE Capital Services (GECS). Net earnings increased by 20% to $2.592 billion, translating to earnings per share of $0.26, up from $0.22 in the prior year period, after accounting for a three-for-one stock split. The company demonstrated operational improvements, with an increased operating margin of 17.3%, attributed to initiatives like Six Sigma quality and e-Business. GE Capital Services also delivered strong results, with earnings up 17%, highlighting its global diversification. The company continued its commitment to shareholder returns, with significant share repurchases and a dividend increase.

Key Highlights

1Consolidated revenues reached a record $30.0 billion, a 24% increase year-over-year.
2Net earnings grew 20% to $2.592 billion, with EPS rising to $0.26.
3GE Capital Services (GECS) earnings increased 17% to $1.210 billion.
4Operating profit increased at double-digit rates in six of seven operating segments, notably Power Systems, Technical Products and Services, and NBC.
5Operating margin improved to 17.3% from 16.3% in the prior year, reflecting operational efficiencies.
6The company repurchased $548 million of its stock in the quarter as part of a larger share repurchase program.
7Acquisition of Toho Mutual Life Insurance Company's assets and liabilities significantly boosted GECS assets and liabilities.

GENERAL ELECTRIC CO Quarterly Report for Q1 Ended Mar 31, 2000

Summary

Key Highlights

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