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GE Capital Reports 3% Decline in Commercial Lending & Leasing Revenue in Q2

July 19, 2013, 07:10 AM
Filed Under: Corporate Earnings

GE announced today second-quarter 2013 operating earnings of $3.7 billion, down 8% from the second quarter of 2012.  Revenues were $35.1 billion for the quarter, down 4% from the year-ago period.

According to the report, GE Capital progressed with its strategy to decrease the size of its portfolio and focus on its core businesses. GE Capital earnings fell 9%, in line with planned asset reductions. ENI (excluding cash and equivalents) was $391 billion at quarter-end. Volume was up 5% for the quarter, with good returns.

Commercial Lending and Leasing revenues were $3.9 billion for Q2 2013, reflecting a 3% decline from the second quarter of 2012.

“In the second quarter, GE achieved Industrial segment profit growth in six of seven businesses, reduced structural costs, and continued to invest in growth,” said GE Chairman and CEO Jeff Immelt. “We executed in a business environment that was slightly improved versus the first quarter. Emerging markets remain resilient, and in the U.S. we saw strong growth in orders this quarter. Europe is stabilizing but still challenged. We expect margin expansion to continue and segment profits to grow in the second half of the year.”

To read the full General Electric earnings press release, click here.

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