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General Electric (GEC)

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Thursday 12 April, 2001

General Electric

1st Quarter Results

General Electric Company
12 April 2001

GE Reports Record First-Quarter 2001 Results - Ongoing Earnings Up 16% to
$3.017 Billion
Industrial Revenues Up 11%

Fairfield, Conn. - April 12, 2001 - GE achieved record earnings for the first
quarter of 2001, posting a 16 percent increase in ongoing earnings, GE
Chairman and CEO John F. Welch reported today.  Ongoing earnings exclude the
one-time, non-cash impact of adopting new accounting rules.

'GE's broad-based portfolio strength was again demonstrated in the first
quarter.  Long-cycle businesses grew operating profit 36%.  GE Capital
Services had a strong quarter with ongoing earnings growth up 16%.  Our short-
cycle businesses, impacted by the US economic slowdown, reported operating
profit down 5%', Mr. Welch said.

Specific highlights include:

Revenues rose to a record $30.5 billion.  Revenues for GE's industrial
businesses were up 11% over last year's first quarter, demonstrating the
strength of GE's broad portfolio throughout business cycles.  Industrial
revenues in the quarter were driven by long-cycle product and services
strength in Power Systems, Medical Systems, and Aircraft Engines.

First-quarter ongoing earnings increased 16% to $3.017 billion, and ongoing
earnings per share met analysts' consensus estimates increasing 15% to $30, up
from last year's $26.  Both were records for the quarter.

Cash generated from GE's operating activities were a record $3.1 billion in
the first quarter, up 18% from last year's $2.6 billion.  As part of the $22
billion share repurchase program, GE purchased $852 million of its stock
during the first quarter to reach $18.4 billion, or 972 million shares,
purchased since December 1994.

GE's first-quarter operating margin was 17.7% of sales, up from last year's
17.3%, and was a record for the quarter.  The first-quarter margin growth
reflects the increasing benefits from GE's focus on services, Six Sigma
quality and digitization initiatives.

GE Capital Services' first-quarter ongoing earnings rose to $1.401 billion,
16% over last year's $1.210 billion.  These results reflect the globalization
and diversity of GE Capital's businesses, with strong double-digit increases
in its Consumer Services, Equipment Management and Speciality insurance
segments.  Revenues for GE Capital Services declined 6% principally because of
strategic decisions to exit businesses included in last year's quarter,
primarily Montgomery Wards, Mortgage Services and Auto Financial Services.

Recent Financial Accounting Standards Board actions changed the accounting
rules for derivatives, warrants, options and other financial instruments
(SFAS 133 and EITF 99-20).  The cumulative effect of these changes for
positions held as of December 31, 2000, was one-time, non-cash $444 million
($0.4 per share) charge.  This charge was required to be recorded in the first
quarter 2001 and reduced earnings to $2.573 billion.  The impact of applying
these new accounting rules in the first quarter increased earnings $12

'In addition to delivering record first-quarter results, GE's businesses made
aggressive moves to position themselves for strong future growth,' Mr. Welch

Highlights of recent activities include:

GE Power Systems (GEPS) continued to win orders for heavy-duty gas turbines in
the US and globally, where strong demand for new generation equipment drove
orders up 68% over the first quarter 2000 to $6.8 billion.  Significant
activity in Italy and Spain, together with the announcement of $188 million in
contracts to supply equipment and long-term services for a 350 megawatt plant
in Malaysia, helped fuel this growth.  Other major orders during the quarter
included nine 7FA gas steam turbines from Dominion Energy.  Demand for fully
packaged 25 to 60 megawatt gas turbines at GEPS Aero Energy Products unit
continued to build on record levels with a total of 33 aeroderivative units
shipped during the quarter, a 200% increase over 2000.  Power Systems added
$2.7 billion in new service agreements in the quarter bringing the total
commitments for these multi-year contracts to $17.7 billion, up $7.7 billion
from the first quarter of 2000.

GE Medical Systems (GEMS) products and services showed continued strong
momentum, with orders up 21% overall in the quarter.  Orders for networking
and image archiving systems were up 93% as hospitals move to digitize workflow
within radiology departments.  X-ray orders, driven by strong customer demand
for digital mammography and digital cardiac imaging systems, were up 35%.  The
continued growth of positron emission tomography (PET) imaging, coupled with
the completion of GEMS acquisition of Sopha Medical Vision, resulted in an
orders increase for this technology of 166%.  GEMS achieved nearly $200
million in online purchases of goods and services through e-Auctions in the
first quarter.

GE Aircraft Engines announced orders totalling $1.5 billion with significant
wins including Japan Airlines, EVA Air, Qatar Airways, and Qantas.  In
addition, CFMI International, a 50/50 joint venture with Snecma reported
orders of $800 million.  The development programs to support the growth in
regional jets achieved a significant milestone with the first successful
flight test of the CF34-powered, 90-passenger, Bombardier regional jet.
Orders to date for CF34 engines, which also power Fairchild Dornler and
Embraer regional jets, now exceed $6 billion.

GE Capital Services positioned its businesses for future growth through
acquisitions and core growth.  Commercial Equipment Finance reached an
agreement valued at $2.1 billion to acquire Franchise Finance Corporation of
America, with assets of more than $3 billion - a premier chain restaurant
financier in the US.  Penske Truck Leasing added 270 locations in the US and
Canada through its purchase of Rollins Truck Leasing Corporation.  Global
Consumer Finance moved to expand its ownership stake in Hungarian retail bank
Budapest Bank through a public offer for all remaining outstanding shares.

NBC posted its fourth straight sweeps win in the key adults 18-49 demographic,
airing six of the top ten performing shows.  In primetime, NBC maintained
broad programming strength with the top drama (ER), the top 5 comedies
(Friends, Will & Grace, Just Shoot Me, Frasier and Weber), and the top-rated
newsmagazine (Dateline).  NBC enjoyed record daytime performance and was the
only network with ratings growth over 2000.  Jay Leno, Late Night, and SNL
continued to win their time slots.  News held its number one position across
Nightly News, Meet the Press, and Today Show.  NBC cable continued to grow
share and CNBC continued to record double-digit earnings growth.  NBC
announced an agreement to acquire all the remaining outstanding shares of

GE Plastics through its GE Silicones operating unit, announced an agreement
with Toshiba and Shin-Etsu Chemical of Japan to build a jointly owned facility
in Thailand.  The plant, with a planned investment of approximately $250
million, will be the largest silicones manufacturing facility in Asia.

Mr. Welch concluded: 'The record results for the first quarter once again
demonstrate the ability of GE's diverse mix of leading global businesses to
deliver earnings growth, increased margins and strong cash generation despite
a challenging economic climate.  The strength of our long-cycle businesses
combined with our ongoing initiatives - globalization, Six Sigma, services and
digitization - position GE to deliver another year of record performance in

Media contact: Gary Sheffer (203) 373-3476

Caution concerning forward-looking statements

This document includes certain 'forward-looking statements' within the meaning
of the Private Securities Litigation Reform Act of 1995.  These statements are
based on management's current expectations and are subject to uncertainty and
changes in circumstances.  Actual results may differ materially from these
expectations due to changes in global economic, business, competitive market
and regulatory factors.  More detailed information about those factors is
contained in GE's filings with the Securities and Exchange Commission.

All amounts except per-share earnings are in millions of US dollars

                                           THREE MONTHS ENDED MARCH 31,2001
                                            2001 ($)      2000 ($)      V%
Revenues                                     30,493        29,996       2
Earnings before 2001 accounting changes       3,017       2,592        16
Effects of 2001 accounting changes            (444)                      
Earnings after 2001 accounting changes        2,573                      
Per-Share Earnings                                                          
Before 2001 accounting changes                 0.30        0.26        15
Effect of 2001 accounting changes            (0.04)                      
After 2001 accounting changes                  0.26                      
Before 2001 accounting changes                 0.30        0.26        15
Effect of 2001 accounting changes            (0.04)                      
After 2001 accounting changes                  0.26                      
Segment Information                                                         
Revenues                                    2001 ($)      2000 ($)      V%
Aircraft Engines                              2,738       2,441        12
Appliances                                    1,315       1,381       (5)
NBC                                           1,351       1,393       (3)
Industrial Products and Systems               2,904       2,785         4
Plastics                                      1,870       1,861         -
Power Systems                                 4,260       3,210        33
Technical Products and Services               1,998       1,753        14
GE Capital Services                          14,723      15,681       (6)
Segment Profit                                                              
Aircraft Engines                                598         558         7
Appliances                                      146         150       (3)
NBC                                             346         394      (12)
Industrial Products and Systems                 423         514      (18)
Plastics                                        439         437         -
Power Systems                                   951         453         F
Technical Products and Services                 411         340        21
GE Capital Services net earnings before       1,401       1,210        16
accounting changes

Three months ended March 31           Consolidated        GE         GECS
                                           2001 ($)    2001 ($)     2001 ($)
Sales of goods and services                  16,860      15,850        1,068
Earnings of GECS                                  -       1,401            -
GECS revenues from services                  13,574           -       13,655
Other income                                     59         109            -
Total revenues                               30,493      17,360       14,723
Costs and expenses                                                          
Cost of sales, operating and                 18,855      13,044        5,923
administrative expenses
Interest and other financial                  3,076         255        2,898
Insurance losses and policyholder             3,523           -        3,523
and annuity benefits
Provision for losses on financing               483           -          483
Minority interest in net earnings               102          45           57
of consolidated affiliates
Total costs and expenses                     26,039      13,344       12,884
Earnings before income taxes and              4,454       4,016        1,839
cumulative effect of changes in
accounting principle
Provision for income taxes                  (1,437)       (999)        (438)
Earnings before cumulative effect             3,017       3,017        1,401
of changes in accounting
Cumulative effect of accounting               (444)                         
Net earnings                                  2,573                         
Per-share amounts before                                                    
accounting changes (in dollars)
Diluted earnings per share                     0.30                         
Basic earnings per share                       0.30                         
Per-share amounts after                                                     
accounting changes (in dollars)
Diluted earnings per share                     0.26                         
Basic earnings per share                       0.26                         
Dividends declared per share (in               0.16                         

Three months ended March 31            Consolidated          GE         GECS
                                        2000 ($)       2000 ($)    2000 ($)
Sales of goods and services                  16,542      14,370        2,233
Earnings of GECS                                  -       1,210            -
GECS revenues from services                  13,383           -       13,448
Other income                                     71          83            -
Total revenues                               29,996      15,663       15,681
Costs and expenses                                                          
Cost of sales, operating and                 19,656      11,889        7,864
administrative expenses
Interest and other financial                  2,782         253        2,570
Insurance losses and policyholder             2,930           -        2,930
and annuity benefits
Provision for losses on financing               521           -          521
Minority interest in net earnings                98          48           50
of consolidated affiliates
Total costs and expenses                     25,987      12,190       13,935
Earnings before income taxes and              4,009       3,473        1,746
cumulative effect of changes in
accounting principle
Provision for income taxes                  (1,417)       (881)        (536)
Earnings before cumulative effect             2,592       2,592        1,210
of changes in accounting
Cumulative effect of accounting                   -                         
Net earnings                                  2,592                         
Per-share amounts before                                                    
accounting changes (in dollars)
Diluted earnings per share                     0.26                         
Basic earnings per share                       0.26                         
Per-share amounts after                                                     
accounting changes (in dollars)
Diluted earnings per share                     0.26                         
Basic earnings per share                       0.26                         
Dividends declared per share (in           0.13 2/3                         

Dollar amounts in millions; per-share amounts in dollars; unaudited.
Supplemental consolidating data are shown for 'GE' and 'GECS'.  Transactions
between GE and GECS have been eliminated from the 'consolidated' columns.  See
note 1 to the consolidated financial statements in the 2000 Annual Report to
Share Owners for further information about consolidation matters.


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