1st Quarter Results

General Electric
David Frail, 203/373-3387
[e-mail]
                  

         GE Delivers First-Quarter Earnings of $.32 Per Share,
               With Revenues Up 10% and Cash Flow Up 67%

GE's first quarter 2004 earnings were $3.2 billion, or $.32 per share,
up 1% over first quarter 2003 earnings before the effect of a required
accounting change, the Company announced today. Excluding non-cash
earnings from GE's U.S. pension plans and Energy, which entered the
final year of lower earnings from declining gas turbine sales,
earnings increased 16%.

'Once again GE delivered excellent operating performance, with cash
from operating activities growing 67% and nine of our 11 businesses
contributing double-digit improvements to earnings,' said GE Chairman
and CEO Jeff Immelt. 'In addition, total industrial orders for the
quarter grew 20%, building on our fourth-quarter momentum. With first
quarter results coming in at the top of our range, and second quarter
operations on track to do the same, we feel very good about 2004.

'We continued to make great progress on our growth initiatives in the
quarter,' Immelt said. 'Orders for services grew 8%; our growth
platforms increased revenues 29%; we continued to grow globally; and
our investments in technology continued to pay off in important
customer wins, including Boeing's selection this week of our GENX
engine to power its new 7E7 Dreamliner aircraft. I'm very proud of the
entire Aircraft Engines team.

'During the quarter, we also made excellent progress on the
transformation we started last year to expand our growth rate and
increase returns,' Immelt said. 'This morning we completed our
acquisition of Amersham, which will be combined with our medical
business to form the industry's most comprehensive healthcare
diagnostics company. Next month we expect to complete NBC's merger
with Vivendi Universal Entertainment and Genworth Financial's initial
public offering. These actions, and the continuing strength of the
balance of our businesses, position us for double-digit earnings
growth in 2005.'

GE will discuss results on a conference call and Webcast at 8:30 a.m.
EDT today. Call information and related charts are available at
www.ge.com/investor.

First Quarter 2004 Financial Highlights

    --  Earnings were $3.240 billion in first quarter 2004, up 1% from
        last year's $3.214 billion before the effect of a required
        accounting change in 2003. Earnings per share were $.32 in
        both years. Nine of GE's 11 businesses - Advanced Materials,
        Commercial Finance, Consumer Finance, Consumer & Industrial,
        Equipment & Other Services, Healthcare, Infrastructure, NBC
        and Transportation - contributed double-digit improvements to
        earnings.

    --  Revenues were $33.4 billion, 10% higher than last year's $30.5
        billion. Industrial sales increased 6% to $16.7 billion.
        Excluding Energy, industrial sales were up 12%. Financial
        Services revenues of $16.9 billion were up 14% over last year.

    --  Cash generated from GE's operating activities was $2.6
        billion, up 67% from last year's $1.6 billion. While the
        improvement reflects some unusual items - like a $200 million
        special dividend from GE Capital Services - the company's
        ongoing focus on working capital and cash management lead GE
        to expect 10-15% growth in cash from operating activities for
        the full year.

    --  Net earnings were $3.240 billion in first quarter 2004, up 8%
        from $2.999 billion in first quarter 2003, when the company
        recorded a non-cash transition charge of $215 million ($.02
        per share) for the cumulative effect of a required change in
        accounting for asset retirement obligations.

'The GE team is doing a great job of executing this year,' Immelt
said. 'We are delivering excellent performance to customers and
shareowners, and we are building new high-growth platforms and driving
growth initiatives. We have the businesses and teams in place to
achieve long-term growth with high returns.'

First Quarter 2004 Business Highlights

Healthcare

--  Increased total orders 15% over first quarter 2003 to $2.4
    billion, highlighted by growth of 22% in Ultrasound orders to
    nearly $200 million and 48% growth in PET (positron emission
    tomography) orders, to more than $100 million.

--  Increased China orders 15% over last year to $120 million, with
    strength in all modalities.

--  Grew global services orders 11% over last year to $1.2 billion,
    led by strong increases in core services in Europe and Asia.

--  Ended the quarter having shipped in just eight months since
    product launch more than 100 Discovery ST(TM) systems, which use
    PET technology to image the body's metabolic activity while CT
    (computed tomography) captures anatomical information.

--  Received clearance from the U.S. Food and Drug Administration for
    the GE Lightspeed(R) VCT system, which uses breakthrough 64-slice
    detector technology that enables high-resolution imaging of organs
    in one second and the whole body in less than 10 seconds.

Transportation

--  Received aircraft engine, locomotive and services orders in the
    quarter totaling $3.5 billion, up 16% over first quarter 2003,
    including $2.9 billion in engine and services orders, up 14%, and
    $620 million in locomotive and services orders, up 28%.

--  Completed U.S. and European certification of the GE90-115B-powered
    Boeing 777-300ER, with delivery of the first aircraft to Air
    France scheduled for April 2004.

--  Shipped 11 GE Evolution Series(TM) pilot locomotives. To date, the
    cleanest locomotives on the rails have logged more than one
    million miles and the equivalent of 12 years of testing.

--  Powered the first test flight of the Embraer 190 regional jet with
    the CF34-10 regional jet engine. Certification and the first
    deliveries, to JetBlue, are scheduled for 2005.

--  Formed an alliance with Honda to manufacture, service and sell
    engines for a new class of small aircraft known as 'microjets.'

Energy

--  Signed new contractual services agreements totaling more than $650
    million, increasing the number of gas turbines and sites covered
    by 11% and 12%, respectively, over first quarter 2003.

--  Received a commitment from Taiwan Power Company for 26
    1.5-megawatt units for Taiwan's first large-scale wind project,
    and orders for 100 1.5-megawatt wind turbines, including 39 for
    Cefn Croes in the United Kingdom; 19 for Japan Wind Development
    Company, Ltd.; 10 for Airtricity for installation in Gartnanean,
    Ireland; and 30 for two projects in France that together will
    increase France's capacity for wind electricity by nearly 20%.

--  Shipped 36 heavy-duty gas turbines from Greenville, S.C. and
    Belfort, France, compared with 54 in first quarter 2003.

--  Received a $200 million contract from Qatar Petroleum and
    ExxonMobil to supply turbocompressors for the Qatargas II LNG
    Expansion Project, the world's largest liquefied natural gas
    project.

--  Agreed to form a joint venture with Harbin Power Equipment Company
    to provide repair and field services for heavy-duty GE gas
    turbines in China. Power generation equipment orders from China in
    the first quarter included 10 gas turbines and six steam turbines.

--  Announced agreement to acquire the assets of Astropower Inc., a
    leading manufacturer of solar electric power products, adding
    solar power to its portfolio of renewable energy options.

Commercial Finance

--  Acquired 97% of the outstanding shares of Sophia, the
    fourth-largest listed real estate company in France, with $4.6
    billion in assets including $3.8 billion in owned real estate (190
    properties, primarily in Paris) and $800 million in lending assets
    (716 contracts).

--  Completed the acquisition of most of Transamerica's commercial
    finance divisions, adding approximately $8.5 billion in managed
    assets; expanding finance offerings to manufacturers and dealers
    of industrial, consumer and recreational products; and enhancing
    leasing and commercial loan financing in equipment, real estate
    and international structured finance.

--  Ended the quarter with no Aviation Services aircraft on the
    ground, and delivered the first of Embraer's new 170 model
    regional jets to lease customers LOT Polish Airlines and US
    Airways, as well as two new Boeing 737-800 aircraft to new
    customer Shanghai Airlines.

--  Acquired HPSC, the nation's leading provider of financing for
    physician and dental practices, adding $700 million in assets and
    entering an $18 billion financing segment.

--  Provided $130 million in financing to CNL Retirement Properties,
    Inc., a leading real estate investment trust in the senior housing
    industry.

Consumer Finance

--  Completed the acquisitions of RSGB in France and Orient Consumer
    Credit in Singapore, adding more than $800 million of assets and
    expanding Consumer Finance's presence in growing markets for
    secured debt consolidation and the financing of used autos.

--  Acquired a 50% interest in IFG Group, a leading Irish specialty
    finance company, enabling the creation of a debt consolidation
    business in that market.

--  Acquired Cashworks, Inc., a leading provider of technology
    solutions for the non-bank financial services industry that adds a
    strong foundation in the Americas for fee-based Consumer Finance
    business.

--  Launched a private-label credit card and pilot dual card product
    with ASDA, a 270-store Wal-Mart subsidiary and one of the U.K.'s
    fastest-growing chains.

NBC

--  Won the February prime-time 'sweeps' period in virtually all key
    demographic groups, including adults 18-49, in which NBC held a
    14% lead over the nearest competitor, as well as women 18-49 and
    women 25-54.

--  Featured the top two prime-time comedies among adults 18-49
    (Friends and Will & Grace), the top first-year program (The
    Apprentice), the top first-year drama (Las Vegas) and five of the
    top eight dramas (ER, Las Vegas, Law & Order, Law & Order: Special
    Victims Unit and Crossing Jordan).

--  Continued the longstanding No. 1 rankings of The Tonight Show with
    Jay Leno and Late Night with Conan O'Brien; signed Jay Leno
    through the end of 2009.

--  More than doubled Bravo's first-quarter prime-time viewers among
    adults 18-49 and adults 25-54 over first quarter of last year.

--  Increased Telemundo's weekday prime-time ratings 59% over first
    quarter 2003 among adults 18-49 and registered increases in this
    demographic across all dayparts.

--  Drove increases over fourth quarter 2003 of 65% and 16%,
    respectively, in CNBC's prime-time weekday viewing and MSNBC's
    prime-time ratings among adults 25-54.

Infrastructure

--  Agreed to acquire InVision Technologies for approximately $900
    million, which will significantly enhance GE's capabilities in
    explosive detection and security technologies serving airports,
    mass transportation systems, and other high-security
    installations.

--  Received nearly $25 million in Security and Sensing orders from
    military, law enforcement and aviation customers to be used in
    anti-terrorist, homeland and force protection applications.

--  Opened Water & Process Technologies' first manufacturing plant in
    China. The Wuxi facility blends water treatment chemicals for
    customers in the rapidly growing Asian market.

--  Announced Water & Process Technologies equipment, treatment and
    services orders exceeding $30 million in annual revenues from key
    customers in the petrochemical, steel, high-technology
    manufacturing, consumer beverage and other industries.

Advanced Materials

--  Continued to expand into new high-technology segments, including
    the use of GE Lexan(R) Illuminex(TM) diffuser film technology in
    liquid crystal displays for PDAs, flat-panel TVs, cell phones and
    cameras, and the use of GE Ultem(R) film technologies to provide
    high-temperature solutions for flexible printed circuits,
    electrical and electronic tapes and labels, insulation, shielding
    and sensors.

--  Introduced new Lexan lipid- and gamma-resistant polycarbonate
    resins for medical devices in the blood, renal care and fluid
    delivery segments.

--  Began shipments of Geloy XTW(R) resin for marine applications,
    replacing traditional fiberglass gel coatings for hulls.

Consumer & Industrial

--  Increased unit sales of high-end Profile(R) and Monogram(R)
    appliances 20% and 11%, respectively, over first quarter 2003.

--  Launched a new and improved line of ENERGY STAR-rated built-in
    side-by-side Monogram refrigerators; during the quarter, Consumer
    & Industrial was recognized as an ENERGY STAR Partner of the Year
    by the Department of Energy and the Environmental Protection
    Administration.

GE (NYSE: GE) is a diversified technology and services company
dedicated to creating products that make life better. From aircraft
engines and power generation to financial services, medical imaging,
television programming and plastics, GE operates in more than 100
countries and employs more than 300,000 people worldwide. For more
information, visit the company's Web site at http://www.ge.com.

Caution Concerning Forward-Looking Statements

This document contains 'forward-looking statements' within the meaning
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by words such as
'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,'
'estimates,' 'will' or words of similar meaning and include, but are
not limited to, statements about the expected future business and
financial performance of GE. Forward-looking statements are based on
management's current expectations and assumptions, which are
inherently subject to uncertainties, risks and changes in
circumstances that are difficult to predict. Actual outcomes and
results may differ materially from these expectations and assumptions
due to changes in global political, economic, business, competitive,
market, regulatory and other factors. We undertake no obligation to
publicly update or review any forward-looking information, whether as
a result of new information, future developments or otherwise. This
presentation includes certain non-GAAP financial measures as defined
under SEC rules. As required by SEC rules, we have provided a
reconciliation of those measures to the most directly comparable GAAP
measures, which is available in this press release.


                GENERAL ELECTRIC COMPANY
             Condensed Statement of Earnings

                                                 Consolidated        
                                           --------------------------
 Three months ended March 31                 2004      2003      V%   
 ----------------------------              -------   --------  -----  
 Revenues
   Sales of goods and services              $17,110   $16,167         
   Earnings of GECS                             -         -         
   GECS revenues from services               16,103    14,234         
   Other income                                 137        55         
                                            --------  --------        
      Total revenues                         33,350    30,456    10%  
                                            --------  --------        

 Costs and expenses
   Cost of sales, operating and
    administrative expenses                  21,870    18,796         
   Interest and other financial charges       2,646     2,596         
   Insurance losses and policyholder
    and annuity benefits                      3,588     3,985         
   Provision for losses on
    financing receivables                       955       760         
   Minority interest in net earnings
    of consolidated affiliates                   69        70         
                                            --------  --------        
      Total costs and expenses               29,128    26,207    11%  
                                            --------  --------        

 Earnings before income taxes and
  accounting change                           4,222     4,249         
 Provision for income taxes                    (982)   (1,035)        
                                            --------  --------        
 Earnings before accounting change           $3,240    $3,214     1%  

 Cumulative effect of accounting change           -      (215)        
                                            --------  --------        
 Net earnings                                $3,240    $2,999     8%  
                                            ========  ========        

 Per-share amounts before accounting change
   Diluted earnings per share                 $0.32     $0.32     0%
   Basic earnings per share                   $0.32     $0.32     0%

 Per-share amounts after accounting change
   Diluted earnings per share                 $0.32     $0.30     7%
   Basic earnings per share                   $0.32     $0.30     7%

 Dividends declared per share                 $0.20     $0.19


                                                       GE
                                            -------------------------
 Three months ended March 31                  2004      2003     V%
 ----------------                           --------  --------  ----
 Revenues
   Sales of goods and services              $16,680   $15,758
   Earnings of GECS                           1,845     1,670
   GECS revenues from services                  -         -
   Other income                                 139        76
                                            --------  --------
      Total revenues                         18,664    17,504     7%
                                            --------  --------

  Costs and expenses
   Cost of sales, operating and
    administrative expenses                  14,681    13,335
   Interest and other financial charges         239       208
   Insurance losses and policyholder
    and annuity benefits                         -         -
   Provision for losses on financing
    receivables                                  -         -
   Minority interest in net earnings
    of consolidated affiliates                  37        32
                                            --------  --------
      Total costs and expenses               14,957    13,575    10%
                                            --------  --------

 Earnings before income taxes and
  accounting change                           3,707     3,929
 Provision for income taxes                    (467)     (715)
                                            --------  --------
 Earnings before accounting change           $3,240    $3,214     1%

 Cumulative effect of accounting change           -      (215)
                                            ------------------
 Net earnings                                $3,240    $2,999     8%
                                            ==================


                                          Financial Services (GECS)
                                        -----------------------------
 Three months ended March 31                  2004      2003     V%
 ----------------                           --------  --------  ----
 Revenues
   Sales of goods and services                 $576      $487
   Earnings of GECS                               -         -
   GECS revenues from services               16,367    14,380
   Other income                                   -         -
                                            --------  --------
      Total revenues                         16,943    14,867    14%
                                            --------  --------

 Costs and expenses
   Cost of sales, operating and
    administrative expenses                   7,465     5,631
   Interest and other financial charges       2,507     2,463
   Insurance losses and policyholder
    and annuity benefits                      3,624     3,985
   Provision for losses on financing
    receivables                                 955       760
   Minority interest in net earnings
    of consolidated affiliates                   32        38
                                            --------  --------
      Total costs and expenses               14,583    12,877    13%
                                            --------  --------

 Earnings before income taxes and
  accounting change                           2,360     1,990
 Provision for income taxes                    (515)     (320)
                                            --------  --------
 Earnings before accounting change           $1,845    $1,670    10%

 Cumulative effect of accounting change           -         -
                                            ------------------
 Net earnings                                $1,845    $1,670    10%
                                            ==================

Dollar amounts in millions; per-share amounts in dollars; unaudited.
Supplemental consolidating data are shown for 'GE' and 'Financial
Services (GECS).' Transactions between GE and GECS have been
eliminated from the 'consolidated' columns. See note 1 to the
consolidated financial statements in the 2003 Annual Report to
Shareowners for further information about consolidation matters.

Condensed Statement of Financial Position
General Electric Company and consolidated affiliates


(Dollars in                                         Financial Services
 billions)     Consolidated            GE                (GECS)
            ----------------------------------------------------------
            3/31/04  12/31/03   3/31/04  12/31/03   3/31/04  12/31/03
            -------- --------- --------- --------- --------- ---------
Cash &
 marketable
 securities  $138.3    $133.4      $6.1      $2.0    $132.4    $131.6
Receivables    10.0      10.7      10.1      11.0         -         -
Inventories     9.0       8.8       8.8       8.6       0.2       0.2
GECS
 financing
 receivables  232.7     226.0         -         -     232.7     226.0
Plant &
 equipment     57.8      53.4      14.3      14.6      43.5      38.8
Investment
 in GECS          -         -      48.5      45.3         -         -
Goodwill &
 intangible
 assets        57.1      55.0      30.2      30.2      26.9      24.8
Other assets  157.2     160.2      30.2      30.4     131.4     133.1
            -------- --------- --------- --------- --------- ---------

Total assets $662.1    $647.5    $148.2    $142.1    $567.1    $554.5
            ======== ========= ========= ========= ========= =========


Borrowings   $312.7    $304.9     $10.6     $10.9    $303.5    $295.5
Insurance
 reserves     137.6     136.3         -         -     138.0     136.3
Other
 liabilities
 and
 minority
 interest     125.3     127.1      51.1      52.0      77.1      77.4
Shareowners'
 equity        86.5      79.2      86.5      79.2      48.5      45.3
            -------- --------- --------- --------- --------- ---------

Total
 liabilities
 and equity  $662.1    $647.5    $148.2    $142.1    $567.1    $554.5
            ======== ========= ========= ========= ========= =========

Supplemental consolidating data are shown for 'GE' and 'Financial
Services (GECS).' Transactions between GE and GECS have been
eliminated from the 'consolidated' columns. See note 1 to the
consolidated financial statements in the 2003 Annual Report to
Shareowners for further information about consolidation matters.

Summary of Operating Segments
----------------------------------------------------------------------
General Electric Company and Consolidated Affiliates

                                          FIRST QUARTER
                                    --------------------------
(Dollars in millions)                    2004     2003   V%

Revenues
    Advanced Materials                 $1,885   $1,676     12
    Commercial Finance                  5,391    4,776     13
    Consumer Finance                    3,589    2,759     30
    Consumer & Industrial               3,097    2,892      7
    Energy                              3,865    4,376    (12)
    Equipment & Other Services          2,010      964      F
    Healthcare                          2,495    2,140     17
    Infrastructure                        776      676     15
    Insurance                           5,953    6,368     (7)
    NBC                                 1,582    1,471      8
    Transportation                      3,405    2,979     14
    Corporate items and eliminations     (698)    (621)   (12)
                                    -------------------

Consolidated revenues                 $33,350  $30,456     10
                                    ===================

Segment profit (a)
    Advanced Materials                   $171     $122     40
    Commercial Finance                    955      870     10
    Consumer Finance                      602      546     10
    Consumer & Industrial                 149      128     16
    Energy                                650      898    (28)
    Equipment & Other Services           (122)    (258)    53
    Healthcare                            339      306     11
    Infrastructure                        113       94     20
    Insurance                             410      512    (20)
    NBC                                   394      343     15
    Transportation                        637      556     15
                                    -------------------
      Total segment profit              4,298    4,117      4

  GE corporate items and                                    U
   eliminations                          (352)      20
  GE interest and other financial
   charges                               (239)    (208)   (15)
  GE provision for income taxes          (467)    (715)    35
                                    -------------------

Earnings before accounting change       3,240    3,214      1

   Cumulative effect of accounting
    change                                  -     (215)
                                    -------------------

Consolidated net earnings              $3,240   $2,999      8
                                    ===================

(a) Segment profit always excludes the effect of principal pension
    plans and accounting changes, and may exclude matters such as
    charges for restructuring; rationalization and other similar
    expenses; certain gains/losses from dispositions; and litigation
    settlements or other charges, responsibility for which precedes
    the current management team. Segment profit excludes or includes
    interest and other financial charges and segment income taxes
    according to how a particular segment management is measured -
    excluded in determining operating profit for Advanced Materials,
    Consumer & Industrial, Energy, Healthcare, Infrastructure, NBC,
    and Transportation, but included in determining net earnings for
    Commercial Finance, Consumer Finance, Equipment & Other Services,
    and Insurance.

Financial Measures That Supplement GAAP
----------------------------------------------------------------------
General Electric Company and Consolidated Affiliates

We sometimes refer to data derived from consolidated financial
information but not required by GAAP to be presented in financial
statements. Certain of these data are considered 'non-GAAP financial
measures' under SEC regulations. Specifically, we have referred to:

-   first quarter 2004 earnings growth, excluding the Energy business
    and non-cash earnings from U.S. pension plans in the first
    quarters of 2003 and 2004; and
 
-   first quarter 2004 industrial sales growth, excluding the Energy
    business in the first quarters of 2003 and 2004

Reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP financial measures - reported earnings before
accounting change and industrial sales - follow.


                                                     FIRST QUARTER
                                                 ---------------------
(Dollars in millions)                               2004     2003  V%

Earnings before accounting change                 $3,240   $3,214
Less Energy earnings at 35% tax rate                 404      576
Less Pension                                           4      202
                                                 -----------------
Earnings excluding Energy and Pension             $2,832   $2,436  16
                                                 =================

Industrial sales as reported                     $16,680  $15,758
Less Energy sales                                  3,822    4,260
                                                 -----------------
Industrial sales excluding Energy                $12,858  $11,498  12
                                                 =================

We believe that meaningful analysis of our financial performance
requires an understanding of the factors underlying that performance
and our judgements about the likelihood that particular factors will
repeat. In some cases, short-term patterns and long-term trends may be
obscured by large factors or events. For example, events or trends in
a particular segment may be so significant as to obscure patterns and
trends of our industrial or financial services businesses in total.
For this reason, we believe that investors may find it useful to see
our first quarter 2004 earnings without the decline in sales of large
gas turbines in the U.S. and decline in non-cash earnings from our
U.S. pension plans. Similarly, we believe presentation of first
quarter 2004 growth in industrial sales without the aformentioned
decline in gas turbine sales is useful to investors.