Exhibit 99(c)
Unaudited Operating Segment Results for 2003 and 2002 by Quarter Conformed to Reflect the January 1,
2004, Organizational Changes
Operating Segments
Revenues and segment profit of our segments for the four quarters of 2003 and 2002 are summarized and discussed below. All quarters presented have been reclassified to conform to the changes in our organization effective January 1, 2004.
Consolidated
| 2003 | ||||||||||||||||||||
| (In millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | |||||||||||||||
Revenues | ||||||||||||||||||||
Advanced Materials | $ | 1,676 | $ | 1,743 | $ | 1,739 | $ | 1,920 | $ | 7,078 | ||||||||||
Commercial Finance | 4,776 | 5,180 | 5,205 | 5,652 | 20,813 | |||||||||||||||
Consumer Finance | 2,759 | 3,046 | 3,499 | 3,541 | 12,845 | |||||||||||||||
Consumer & Industrial | 2,892 | 3,282 | 3,212 | 3,457 | 12,843 | |||||||||||||||
Energy | 4,376 | 4,655 | 4,343 | 5,708 | 19,082 | |||||||||||||||
Equipment & Other Services | 964 | 869 | 1,479 | 1,115 | 4,427 | |||||||||||||||
Healthcare | 2,140 | 2,402 | 2,336 | 3,320 | 10,198 | |||||||||||||||
Infrastructure | 676 | 760 | 797 | 845 | 3,078 | |||||||||||||||
Insurance | 6,368 | 6,792 | 6,824 | 6,210 | 26,194 | |||||||||||||||
NBC | 1,471 | 1,955 | 1,517 | 1,928 | 6,871 | |||||||||||||||
Transportation | 2,979 | 3,389 | 3,156 | 3,991 | 13,515 | |||||||||||||||
Corporate items and eliminations | (621 | ) | (700 | ) | (713 | ) | (723 | ) | (2,757 | ) | ||||||||||
Total revenues | $ | 30,456 | $ | 33,373 | $ | 33,394 | $ | 36,964 | $ | 134,187 | ||||||||||
Segment Profit | ||||||||||||||||||||
Advanced Materials | $ | 122 | $ | 134 | $ | 159 | $ | 201 | $ | 616 | ||||||||||
Commercial Finance | 870 | 832 | 1,060 | 1,148 | 3,910 | |||||||||||||||
Consumer Finance | 546 | 514 | 595 | 506 | 2,161 | |||||||||||||||
Consumer & Industrial | 128 | 173 | 124 | 152 | 577 | |||||||||||||||
Energy | 898 | 1,057 | 986 | 1,168 | 4,109 | |||||||||||||||
Equipment & Other Services | (258 | ) | (252 | ) | (52 | ) | 143 | (419 | ) | |||||||||||
Healthcare | 306 | 440 | 383 | 572 | 1,701 | |||||||||||||||
Infrastructure | 94 | 105 | 132 | 131 | 462 | |||||||||||||||
Insurance | 512 | 508 | 604 | 478 | 2,102 | |||||||||||||||
NBC | 343 | 688 | 431 | 536 | 1,998 | |||||||||||||||
Transportation | 556 | 686 | 604 | 815 | 2,661 | |||||||||||||||
Total segment profit | $ | 4,117 | $ | 4,885 | $ | 5,026 | $ | 5,850 | $ | 19,878 | ||||||||||
(1)
Commercial Finance
| 2003 | |||||||||||||||
| (In millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||
Revenues | $ | 4,776 | $ | 5,180 | $ | 5,205 | $ | 5,652 | $ | 20,813 | |||||
Net revenues | |||||||||||||||
Total revenues | $ | 4,776 | $ | 5,180 | $ | 5,205 | $ | 5,652 | $ | 20,813 | |||||
Interest expense | 1,473 | 1,462 | 1,388 | 1,466 | 5,789 | ||||||||||
Total net revenues | $ | 3,303 | $ | 3,718 | $ | 3,817 | $ | 4,186 | $ | 15,024 | |||||
Net earnings | $ | 870 | $ | 832 | $ | 1,060 | $ | 1,148 | $ | 3,910 | |||||
Assets | $ | 204,481 | $ | 207,175 | $ | 201,874 | $ | 214,016 | $ | 214,016 | |||||
| �� | |||||||||||||||
Real Estate | |||||||||||||||
Revenues | $ | 603 | $ | 599 | $ | 710 | $ | 474 | $ | 2,386 | |||||
Net earnings | 266 | 198 | 255 | 115 | 834 | ||||||||||
Assets | 29,578 | 29,157 | 27,336 | 27,767 | 27,767 | ||||||||||
Aviation Services | |||||||||||||||
Revenues | $ | 714 | $ | 710 | $ | 711 | $ | 746 | $ | 2,881 | |||||
Net earnings | 135 | 126 | 97 | 148 | 506 | ||||||||||
Assets | 30,264 | 32,305 | 32,399 | 33,271 | 33,271 | ||||||||||
Consumer Finance
| 2003 | |||||||||||||||
| (In millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||
Revenues | $ | 2,759 | $ | 3,046 | $ | 3,499 | $ | 3,541 | $ | 12,845 | |||||
Net revenues | |||||||||||||||
Total revenues | $ | 2,759 | $ | 3,046 | $ | 3,499 | $ | 3,541 | $ | 12,845 | |||||
Interest expense | 579 | 672 | 683 | 762 | 2,696 | ||||||||||
Total net revenues | $ | 2,180 | $ | 2,374 | $ | 2,816 | $ | 2,779 | $ | 10,149 | |||||
Net earnings | $ | 546 | $ | 514 | $ | 595 | $ | 506 | $ | 2,161 | |||||
Assets | $ | 77,856 | $ | 97,117 | $ | 96,637 | $ | 106,530 | $ | 106,530 | |||||
(2)
Insurance
| 2003 | |||||||||||||||
| (In millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||
Revenues | $ | 6,368 | $ | 6,792 | $ | 6,824 | $ | 6,210 | $ | 26,194 | |||||
Net earnings | $ | 512 | $ | 508 | $ | 604 | $ | 478 | $ | 2,102 | |||||
GE Global Insurance Holding (ERC) | |||||||||||||||
Revenues | $ | 2,693 | $ | 3,065 | $ | 2,886 | $ | 2,956 | $ | 11,600 | |||||
Net earnings | 121 | 119 | 120 | 121 | 481 | ||||||||||
Transportation
| 2003 | |||||||||||||||
| (In millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||
Revenues | $ | 2,979 | $ | 3,389 | $ | 3,156 | $ | 3,991 | $ | 13,515 | |||||
Segment profit | $ | 556 | $ | 686 | $ | 604 | $ | 815 | $ | 2,661 | |||||
Aircraft Engines | |||||||||||||||
Revenues | $ | 2,459 | $ | 2,792 | $ | 2,587 | $ | 3,134 | $ | 10,972 | |||||
Segment profit | 487 | 572 | 495 | 647 | 2,201 | ||||||||||
Rail | |||||||||||||||
Revenues | $ | 520 | $ | 597 | $ | 569 | $ | 857 | $ | 2,543 | |||||
Segment profit | 69 | 114 | 109 | 168 | 460 | ||||||||||
(3)
Consolidated
| 2002 | ||||||||||||||||||||
| (In millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | |||||||||||||||
Revenues | ||||||||||||||||||||
Advanced Materials | $ | 1,580 | $ | 1,861 | $ | 1,757 | $ | 1,765 | $ | 6,963 | ||||||||||
Commercial Finance | 4,463 | 4,854 | 4,968 | 5,307 | 19,592 | |||||||||||||||
Consumer Finance | 2,372 | 2,463 | 2,701 | 2,730 | 10,266 | |||||||||||||||
Consumer & Industrial | 3,009 | 3,273 | 3,225 | 3,380 | 12,887 | |||||||||||||||
Energy | 5,432 | 6,710 | 5,305 | 6,186 | 23,633 | |||||||||||||||
Equipment & Other Services | 1,421 | 1,390 | 1,249 | 1,485 | 5,545 | |||||||||||||||
Healthcare | 1,863 | 2,212 | 2,130 | 2,750 | 8,955 | |||||||||||||||
Infrastructure | 192 | 455 | 586 | 668 | 1,901 | |||||||||||||||
Insurance | 5,768 | 5,263 | 6,197 | 6,068 | 23,296 | |||||||||||||||
NBC | 1,998 | 1,987 | 1,370 | 1,794 | 7,149 | |||||||||||||||
Transportation | 3,096 | 3,424 | 3,300 | 3,865 | 13,685 | |||||||||||||||
Corporate items and eliminations | (548 | ) | (560 | ) | (69 | ) | (485 | ) | (1,662 | ) | ||||||||||
Total revenues | $ | 30,646 | $ | 33,332 | $ | 32,719 | $ | 35,513 | $ | 132,210 | ||||||||||
Segment Profit | ||||||||||||||||||||
Advanced Materials | $ | 255 | $ | 339 | $ | 231 | $ | 175 | $ | 1,000 | ||||||||||
Commercial Finance | 750 | 761 | 897 | 902 | 3,310 | |||||||||||||||
Consumer Finance | 498 | 466 | 467 | 368 | 1,799 | |||||||||||||||
Consumer & Industrial | 139 | 170 | 121 | 137 | 567 | |||||||||||||||
Energy | 1,557 | 1,924 | 1,432 | 1,381 | 6,294 | |||||||||||||||
Equipment & Other Services | (107 | ) | 5 | (140 | ) | (146 | ) | (388 | ) | |||||||||||
Healthcare | 266 | 401 | 347 | 532 | 1,546 | |||||||||||||||
Infrastructure | 20 | 66 | 95 | 116 | 297 | |||||||||||||||
Insurance | 516 | 95 | 327 | (1,033 | ) | (95 | ) | |||||||||||||
NBC | 313 | 545 | 330 | 470 | 1,658 | |||||||||||||||
Transportation | 477 | 714 | 602 | 717 | 2,510 | |||||||||||||||
Total segment profit | $ | 4,684 | $ | 5,486 | $ | 4,709 | $ | 3,619 | $ | 18,498 | ||||||||||
(4)
Commercial Finance
| 2002 | |||||||||||||||
| (In millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||
Revenues | $ | 4,463 | $ | 4,854 | $ | 4,968 | $ | 5,307 | $ | 19,592 | |||||
Net revenues | |||||||||||||||
Total revenues | $ | 4,463 | $ | 4,854 | $ | 4,968 | $ | 5,307 | $ | 19,592 | |||||
Interest expense | 1,385 | 1,489 | 1,545 | 1,560 | 5,979 | ||||||||||
Total net revenues | $ | 3,078 | $ | 3,365 | $ | 3,423 | $ | 3,747 | $ | 13,613 | |||||
Net earnings | $ | 750 | $ | 761 | $ | 897 | $ | 902 | $ | 3,310 | |||||
Assets | $ | 180,389 | $ | 191,542 | $ | 191,369 | $ | 202,462 | $ | 202,462 | |||||
Real Estate | |||||||||||||||
Revenues | $ | 448 | $ | 545 | $ | 543 | $ | 588 | $ | 2,124 | |||||
Net earnings | 168 | 140 | 187 | 155 | 650 | ||||||||||
Assets | 24,334 | 30,144 | 29,273 | 29,522 | 29,522 | ||||||||||
Aviation Services | |||||||||||||||
Revenues | $ | 568 | $ | 683 | $ | 741 | $ | 702 | $ | 2,694 | |||||
Net earnings | 98 | 121 | 133 | 102 | 454 | ||||||||||
Assets | 26,797 | 27,968 | 28,741 | 30,512 | 30,512 | ||||||||||
Consumer Finance
| 2002 | |||||||||||||||
| (In millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||
Revenues | $ | 2,372 | $ | 2,463 | $ | 2,701 | $ | 2,730 | $ | 10,266 | |||||
Net revenues | |||||||||||||||
Total revenues | $ | 2,372 | $ | 2,463 | $ | 2,701 | $ | 2,730 | $ | 10,266 | |||||
Interest expense | 494 | 495 | 572 | 582 | 2,143 | ||||||||||
Total net revenues | $ | 1,878 | $ | 1,968 | $ | 2,129 | $ | 2,148 | $ | 8,123 | |||||
Net earnings | $ | 498 | $ | 466 | $ | 467 | $ | 368 | $ | 1,799 | |||||
Assets | $ | 62,441 | $ | 69,039 | $ | 72,727 | $ | 76,965 | $ | 76,965 | |||||
(5)
Insurance
| 2002 | |||||||||||||||||||
| (In millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||||||
Revenues | $ | 5,768 | $ | 5,263 | $ | 6,197 | $ | 6,068 | $ | 23,296 | |||||||||
Net earnings | $ | 516 | $ | 95 | $ | 327 | $ | (1,033 | ) | $ | (95 | ) | |||||||
GE Global Insurance Holding (ERC) | |||||||||||||||||||
Revenues | $ | 2,407 | $ | 2,076 | $ | 2,585 | $ | 2,364 | $ | 9,432 | |||||||||
Net earnings | 87 | (229 | ) | (143 | ) | (1,509 | ) | (1,794 | ) | ||||||||||
Transportation
| 2002 | |||||||||||||||
| (In millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total Year | ||||||||||
Revenues | $ | 3,096 | $ | 3,424 | $ | 3,300 | $ | 3,865 | $ | 13,685 | |||||
Segment profit | $ | 477 | $ | 714 | $ | 602 | $ | 717 | $ | 2,510 | |||||
Aircraft Engines | |||||||||||||||
Revenues | $ | 2,614 | $ | 2,830 | $ | 2,779 | $ | 3,148 | $ | 11,371 | |||||
Segment profit | 420 | 587 | 510 | 579 | 2,096 | ||||||||||
Rail | |||||||||||||||
Revenues | $ | 482 | $ | 594 | $ | 521 | $ | 717 | $ | 2,314 | |||||
Segment profit | 57 | 127 | 92 | 138 | 414 | ||||||||||
(6)
