GE 2005 Annual Report Download - page 39

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(39)
INFRASTRUCTURE
(In millions) 2005 2004 2003
REVENUES $41,803 $ 37,373 $ 36,569
SEGMENT PROFIT $7,769 $6,797 $7,362
(In millions) 2005 2004 2003
REVENUES
Aviation $11,904 $ 11,094 $ 9,808
Aviation Financial Services 3,504 3,159 2,881
Energy 16,525 14,586 16,611
Energy Financial Services 1,349 972 805
Oil & Gas 3,598 3,135 2,842
Transportation 3,577 3,007 2,543
SEGMENT PROFIT
Aviation $2,573 $2,238 $1,809
Aviation Financial Services 764 520 506
Energy 2,665 2,543 3,875
Energy Financial Services 646 376 280
Oil & Gas 411 331 264
Transportation 524 516 450
Infrastructure revenues rose 12%, or $4.4 billion, in 2005 as higher volume ($4.3 billion) was partially offset by
lower prices ($0.6 billion) at the industrial businesses in the segment. The increase in volume was primarily at
Energy, Aviation and Transportation. The decrease in prices was primarily at Energy, and was partially offset by
increased prices at Transportation and Aviation. Revenues also increased as a result of organic revenue growth at
Energy Financial Services ($0.4 billion) and Aviation Financial Services ($0.3 billion).
Segment profit rose 14% to $7.8 billion, compared with $6.8 billion in 2004, as higher volume ($1.0
billion) and productivity ($0.2 billion including customer settlements and contract terminations) more than offset
lower prices ($0.6 billion) and the effects of higher material and other costs ($0.3 billion) at the industrial businesses
in the segment. The increase in volume primarily related to Energy, Aviation and Transportation. Segment profit
also increased as a result of increased net earnings at the financial services businesses. This increase reflected core
growth at Energy Financial Services ($0.3 billion) and core growth at Aviation Financial Services ($0.2 billion),
including growth in lower-taxed earnings from global operations related to a reorganization of our aircraft leasing
operations.
Infrastructure revenues increased 2%, or $0.8 billion, in 2004 as the weaker U.S. dollar ($0.5 billion),
primarily at Energy, and higher volume ($0.4 billion) were partially offset by lower prices ($0.6 billion) at the
industrial businesses of the segment, primarily at Energy. The increase in volume was the net result of increased
sales in commercial services and military engines at Aviation and locomotives at Transportation, partially offset by
lower sales at Energy. Energy sold 122 large heavy-duty gas turbines in 2004, compared with 175 in 2003. Financial
services activity, primarily at Aviation Financial Services and Energy Financial Services, increased revenues
primarily from organic revenue growth ($0.4 billion) and acquisitions ($0.1 billion).