GE 2014 Annual Report Download - page 48
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28 GE 2014 FORM 10-K
MD&A CONSOLIDATED RESULTS
CONSOLIDATED RESULTS
(Dollars in billions)
REVENUES INDUSTRIAL SEGMENT EQUIPMENT
& SERVICES REVENUES
COMMENTARY:
2014 – 2013
2013 – 2012
Consolidated revenues increased $2.5 billion, or 2%.
x Industrial segment revenues increased 6%, reflecting
organic growth* of 7% and the effects of acquisitions
(primarily Lufkin Industries, Inc. (Lufkin), Avio S.p.A.
(Avio) and certain Thermo Fisher Scientific Inc.
businesses).
x Financial Services revenues decreased 3% as a result of
the effects of dispositions, organic revenue declines,
primarily due to lower ending net investment (ENI)* and
lower gains, partially offset by lower impairments.
x Other income decreased $2.3 billion, primarily due to the
sale of our remaining 49% common equity interest in
NBCU LLC in 2013 ($1.6 billion).
x The effects of acquisitions increased consolidated
revenues $1.7 billion and $1.6 billion in 2014 and 2013,
respectively. Dispositions affected our ongoing results
through lower revenues of $4.1 billion and $0.1 billion in
2014 and 2013, respectively.
x The effects of a stronger U.S. dollar compared to mainly
the Japanese yen, Canadian dollar and Brazilian real,
partially offset by the British pound, decreased
consolidated revenues by $0.9 billion.
Consolidated revenues decreased $0.6 billion, or less than
1%.
x Industrial segment revenues increased 1%. Organic
revenue growth* was flat.
x Financial Services revenues decreased 3%, as a result
of organic revenue declines, primarily due to lower ENI*
and higher impairments, partially offset by higher gains.
x Other income increased $0.5 billion, primarily due to
gains related to the sale of NBCU LLC.
x The effects of acquisitions increased consolidated
revenues $1.6 billion and $2.0 billion in 2013 and 2012,
respectively. Dispositions affected our ongoing results
through lower revenues of $0.1 billion and $5.1 billion in
2013 and 2012, respectively.
x The effects of a stronger U.S. dollar compared to mainly
the Japanese yen and Brazilian real, partially offset by
the euro, decreased consolidated revenues by $0.5
billion.
*Non-GAAP Financial Measure
Equipment
Services