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General Elec. (GEC)

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Friday 12 October, 2001

General Elec.

3rd Quarter & 9 Mths Results

General Electric Company
12 October 2001

                 GE's Third-Quarter Earnings Rise 3 Percent -

              Up 16 Percent Excluding Insurance-Related Charges;

           Company Confirms Full-Year Double-Digit Earnings Target

FAIRFIELD, Conn., October 11, 2001- General Electric Company (NYSE:GE) today
announced that third-quarter earnings of $3.281 billion, or 33 cents per
share, rose 3% over third quarter 2000 despite previously announced September
11-related insurance losses of $400 million, or 4 cents per share. Without
those insurance losses, GE earnings and earnings per share would have grown 16

'The GE business model outperformed as designed,' said GE Chairman and CEO
Jeff Immelt. 'The diversity of our portfolio and the ability of our people to
execute in all markets helped us grow earnings despite the economic downturn
and the September 11 tragedy.

'Our long-cycle businesses sustained their record-setting momentum, and GE
Capital, excluding its Sept. 11-related insurance losses, continued its
mid-teens earnings growth,' Immelt said. 'Our short-cycle businesses continued
to manage through the toughest environment of the past 10 years, and did a
great job of developing innovative, high-quality products even while reducing
costs. As a result, we succeeded in expanding operating margin and generating
record levels of cash from operations.'

Financial highlights of the quarter include:

  * Earnings per share grew 3% to $.33 from last year's $.32, with earnings
    increasing 3% to $3.281 billion from $3.180 billion. Excluding the
    insurance losses, earnings increased 16% to $3.681 billion and earnings
    per share increased 16% to $.37.

  * Revenues were $29.5 billion, increasing 7% on a comparable basis over
    third quarter 2000. Reported revenues were down 8%, reflecting the effects
    of previously reported GE Capital Services (GECS) strategic repositioning
    activities, the Olympics in third quarter 2000, and a Sept. 11-related
    reinsurance premium. Ongoing Industrial revenues increased 10% to $16.4
    billion, led by GE's long-cycle businesses, which grew 28% to $10.1
    billion. Ongoing GECS revenues were up 4%. GE's short-cycle businesses are
    maintaining order rates comparable to pre-Sept. 11 levels.

  * Operating margin was 18.9% of sales, up from last year's comparable
    18.4%, as GE businesses continued to execute on the Company's Six Sigma
    quality and digitization initiatives and increased sales of product
    services. This year's digitization savings totaled $1.2 billion at the end
    of September, putting the Company ahead of its 2001 plans. Revenues from
    sales of high-margin product services grew 23% over third quarter 2000 to
    $4.7 billion, with double-digit growth at all long-cycle businesses.

  * Cash generated from GE's operating activities in the first nine months
    of the year totaled $11.7 billion, up 18% from last year's record $9.9
    billion. Following the reopening of the New York Stock Exchange on Sept.
    17, GE accelerated its stock repurchase program, and ended the quarter
    having purchased $832 million of its stock. GE has purchased shares
    totaling $19.9 billion since its $22 billion repurchase program began in
    December 1994.

  * GE Capital Services earnings for the quarter were $1.301 billion, 12%
    lower than last year's $1.478 billion due to the Sept. 11-related
    insurance losses. Eleven of GECS' 24 businesses contributed double-digit
    earnings growth, and without the insurance losses, GECS earnings would
    have increased 15% to $1.701 billion. GECS grew its assets $25 billion to
    $391 billion, up 7% from $366 billion one year earlier. Ongoing quarterly
    GECS revenues increased 4%. Reported revenues declined 19% to $13.3
    billion due to the Sept. 11-related reinsurance premium and previously
    announced strategic repositioning activities, including exiting Wards and
    Auto Financial Services, contractions at IT Solutions, and the
    restructuring of insurance policies obtained in certain Japanese

Immelt said, 'We remain confident that our mix of businesses and our operating
system position us to deliver double-digit earnings growth of $1.41 per share
this year and double-digit growth next year as well. These are uncertain
times, but GE has fundamental strengths: our long-cycle portfolio; our diverse
financial services business; our initiatives, which enable us to improve
performance in very difficult short-cycle conditions; and our strong balance
sheet, which gives us the flexibility to pursue strategic opportunities. These
strengths give GE the ability to generate double-digit earnings growth even in
the most challenging economic circumstance.'

Business highlights for the quarter include:

  * GE Power Systems (GEPS) orders for power generating equipment and
    services remained strong at $6.4 billion. The total GEPS orders backlog is
    $28.6 billion, up $3.5 billion over last year. GEPS shipped 94 heavy-duty
    gas turbines and 50 aero-derivative units in the quarter, 49% and 67%
    more, respectively, than in third quarter 2000. Total commitments for
    multi-year service agreements rose to $20.6 billion, 69% above last year,
    as GEPS added $1.2 billion in such agreements during the quarter. GEPS
    also announced two acquisitions, of sofion AG, an IT service provider, and
    Bussiere & Frechette, which provides field services for transmission and
    distribution systems.

  * GE Aircraft Engines (GEAE), and CFMI, its joint venture with Snecma,
    continued to expand into international markets with an order placed by
    China Aviation Supplies Import and Export Corporation, valued in excess of
    $300 million, for 30 CFM engines to power Boeing 737 aircraft. GEAE
    further increased its presence in China when Hainan Airlines joined its
    partnership operating a maintenance facility in Xiamen. GEAE also signed
    multi-year service agreements with Scandinavian Airline System (SAS),
    LanChile Airlines and Continental Airlines bringing the value of such
    agreements signed this year to approximately $4 billion. Other significant
    events in the quarter included a multi-year agreement with Standard Aero
    to perform maintenance on the CF34 engines powering regional jets, the
    fastest growing sector of commercial aviation. Since Sept. 11, GEAE has
    also been working closely with its U.S. military customers.

  * GE Medical Systems (GEMS) posted strong results worldwide, with revenues
    up 16% and operating profit up 13% over third quarter 2000. Total orders
    grew 15% over last year. Orders for CT Systems, led by the new GE
    LightSpeed Ultra, grew 40% over last year. Open MRI orders, driven by
    customer demand for GE's OpenSpeed and Ovation technologies, grew 51% over
    last year, and orders for Positron Emission Tomography (PET) systems were
    up 127%, with strong sales of GE Discovery LS systems. GEMS' Information
    Technology unit increased sales 43%, and total GEMS software orders grew
    by 50%. In the quarter, GEMS's announced the acquisitions of Imatron,
    Inc., a manufacturer of electron beam tomography systems that enhance GEMS
    offerings in the fast-growing cardiac CT segment; Kretztechnik AG, a
    provider of 3D ultrasound systems; and DataCritical Corp., a pioneer in
    wireless telemetry and healthcare communications technologies.

  * NBC continued its reign as the No. 1 network in key sales demographics,
    airing eight of the summer's 10 top-rated shows. In the first week of the
    fall season, Crossing Jordan delivered the network's highest ratings for a
    Monday series premiere in seven years, and returning series such as Law
    and Order and Friends made strong showings. Law & Order had its
    most-watched season premiere in its 12-year history, and Friends had its
    largest audience in more than five years. NBC Sports premiered NASCAR
    races in July and increased their ratings 46% over the previous year. NBC
    News programs Today, Nightly News and Meet the Press maintained their
    long-standing No. 1 positions in key sales demographics. NBC's news
    outlets -- NBC, CNBC and MSNBC - provided Americans with comprehensive
    round-the-clock coverage of the tragic events of Sept. 11.

  * GE Capital positioned itself for continued double-digit growth in its
    core operation as well as through acquisitions. Through September, GECS
    businesses had committed to acquire $36 billion in assets. These
    agreements included the proposed acquisition of Heller Financial Inc.,
    which will strengthen GECS's commercial finance, equipment leasing and
    real estate finance businesses, add new international platforms in
    factoring and innovative healthcare finance offerings. During the quarter,
    Commercial Equipment Finance (CEF) completed the acquisitions of Franchise
    Finance Corporation of America and Safeco Credit Company, extending its
    core middle market equipment financing and leasing business. Vendor
    Financial Services (VFS) extended its relationship with Xerox, and Fleet
    Services added $490 million in assets through its acquisition of
    Canadian-based Associates Fleet Services.

  * GE Transportation Systems (GETS) signed an agreement to purchase service
    assets and long-term service contracts from Wabtec Corporation, expanding
    GETS's portfolio of offerings to include full maintenance services for
    others' locomotives as well as GETS's own.

  * GE Appliances demonstrated GE's capacity for innovative,
    customer-centric product development. Among Appliances' new products
    launched in the quarter were the GE Profile Triton XL, America's
    highest-performance and most energy-efficient dishwashers; GE Profile
    Arctica Top Freezer refrigerators, and a new side-by-side refrigerator
    that was rated a Best Value by a leading consumer magazine.

                                      * * *

GE, with 2000 revenues of $130 billion, is a diversified technology, services
and manufacturing company with a commitment to achieving customer success. GE
operates in more than 100 countries and employs 313,000 people worldwide. For
more information, visit the company's Web site at

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 political, economic, business,
competitive, market and regulatory factors. More detailed information about 
those factors is contained in GE's filings with the Securities and Exchange 

                           GENERAL ELECTRIC COMPANY
    All amounts except per-share earnings are in millions of U.S. dollars.

                                    THIRD QUARTER       NINE MONTHS ENDED
                                                        SEPTEMBER 30, 2001

                                      2001   2000    V%      2001     2000   V%

Revenues                           $29,468 $32,014  (8)  $ 91,938 $ 94,872  (3)
Earnings before accounting changes  $3,281 $3,180     3  $ 10,195  $ 9,150   11
Effect of accounting changes             -      -     -     (444)        -
Earnings after accounting changes    3,281  3,180     3     9,751    9,150    7
Per-Share Earnings
Before accounting changes           $ 0.33 $ 0.32     3    $ 1.01   $ 0.91   11
Effect of accounting changes             -      -     -    (0.04)        -
After accounting changes              0.33   0.32     3      0.97     0.91    7
Before accounting changes           $ 0.33 $ 0.32     3    $ 1.03   $ 0.93   11
Effect of accounting changes             -      -     -    (0.05)        -
After accounting changes              0.33   0.32     3      0.98     0.93    5

Segment Information
                                      2001   2000    V%      2001     2000   V%
Aircraft Engines                    $2,851 $2,580    11   $ 8,644  $ 7,770   11 
Appliances                           1,535  1,495     3     4,252    4,451  (4)
NBC                                  1,050  1,895  (45)     4,232    5,244 (19)
Industrial Products and Systems      2,776  2,716     2     8,605    8,443    2
Materials                            1,681  2,038  (18)     5,471    6,021  (9)
Power Systems                        5,038  3,521    43    14,440   10,469   38
Technical Products and Services      2,106  1,902    11     6,252    5,556   13
GE Capital Services                 13,298 16,444  (19)    42,420   48,595 (13)

Segment profit
Aircraft Engines                       674    614    10     1,939    1,781    9
Appliances                             158    159   (1)       455      503 (10)
NBC                                    255    292  (13)     1,142    1,321 (14)
Industrial Products and Systems        437    472   (7)     1,362    1,548 (12)
Materials                              374    512  (27)     1,311    1,509 (13)
Power Systems                        1,301    670    94     3,479    1,875   86
Technical Products and Services        427    439   (3)     1,350    1,192   13
GE Capital Services net earnings     1,301  1,478  (12)     4,179    3,965    5
before accounting changes

Contact: David Frail, (203) 373-3387

[email protected]


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