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Securities and Exchange Commission
 Washington, D.C. 20549

Form 10-Q
 (Mark One)
[x]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2002

OR
[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 
For the transition period from ____ to ____ 
Commission file number 1-35
GENERAL ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)

 
New York 
 14-0689340
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
   
3135 Easton Turnpike, Fairfield, CT
06828-0001
(Address of principal executive offices) (Zip Code)


 
  (Registrant's telephone number, including area code) (203) 373-2211
Former name, former address and former fiscal year, if changed since last report

          Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    x      No __

          There were 9,951,061,000 shares with a par value of $0.06 per share outstanding at September 30, 2002.

General Electric Company

Part I. Financial Information   Page
    
    Item 1. Financial Statements    
             Statement of Earnings  
                     Third Quarter Ended September 30, 2002 3
                     Nine Months Ended September 30, 2002 4
             Statement of Financial Position   5
             Statement of Cash Flows   6
             Summary of Operating Segments   7
             Notes to Financial Statements   8
    Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition   15
    Item 4. Controls and Procedures 35
   
Part II. Other Information  
    Item 6. Exhibits and Reports on Form 8–K   35
    Signatures   37
    Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 38

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.

Part I. Financial Information

Item 1. Financial Statements

Condensed Statement of Earnings
General Electric Company and consolidated affiliates
Third quarter ended September 30 (Unaudited)
Consolidated
GE
Financial
Services (GECS)
(Dollars, except per-share amounts, in millions) 2002  2001  2002  2001  2002  2001 
Sales of goods    $ 12,987    $ 13,000    $ 12,271    $ 12,225    $ 779    $ 778 
Sales of services      5,061      4,072      5,115      4,134      –      – 
Earnings of GECS      –      –      1,551      1,301      –      – 
GECS revenues from services      14,080      12,382      –      –      14,202      12,520 
Other income      457      14      486      76      –      – 
   Total revenues      32,585      29,468      19,423      17,736      14,981      13,298 
Cost of goods sold      9,156      9,096      8,546      8,407      673      692 
Cost of services sold      3,084      2,645      3,138      2,707      –      – 
Interest and other financial charges      2,773      2,640      212      244      2,645      2,503 
Insurance losses and policyholder and 
   annuity benefits 		     4,227      3,618      –      –      4,227      3,618 
Provision for losses on financing receivables      640      567      –      –      640      567 
Other costs and expenses      7,357      6,439      2,340      2,153      5,084      4,379 
Minority interest in net earnings of                                      
   consolidated affiliates      84      59      45      32      39      27 
   Total costs and expenses      27,321      25,064      14,281      13,543      13,308      11,786 
Earnings before income taxes      5,264      4,404      5,142      4,193      1,673      1,512 
Provision for income taxes      (1,177)     (1,123)     (1,055)     (912)     (122)     (211)
   Net earnings    $ 4,087    $ 3,281    $ 4,087    $ 3,281    $ 1,551    $ 1,301 
Per-share amounts                                     
   Diluted earnings per share    $ 0.41    $ 0.33                         
   Basic earnings per share    $ 0.41    $ 0.33                         
 
Dividends declared per share    $ 0.18    $ 0.16                         
See notes to condensed consolidated financial statements. Consolidating information is shown for "GE" and "Financial Services (GECS)."
Transactions between GE and GECS have been eliminated from the "consolidated" columns.
Condensed Statement of Earnings
General Electric Company and consolidated affiliates
Nine months ended September 30 (Unaudited)
Consolidated
GE
Financial
Services (GECS)
(Dollars, except per-share amounts, in millions) 2002  2001  2002  2001  2002  2001 
Sales of goods    $ 40,211    $ 38,861    $ 37,823    $ 36,065    $ 2,494    $ 2,806 
Sales of services      15,586      13,551      15,770      13,732      –      – 
Earnings of GECS before accounting changes      –      –      4,535      4,179      –      – 
GECS revenues from services      39,925      39,297      –      –      40,238      39,614 
Other income      598      229      675      385      –      – 
   Total revenues      96,320      91,938      58,803      54,361      42,732      42,420 
Cost of goods sold      28,360      26,880      26,229      24,371      2,237      2,519 
Cost of services sold      10,092      9,363      10,276      9,544      –      – 
Interest and other financial charges      7,590      8,423      444      614      7,362      8,072 
Insurance losses and policyholder and 
   annuity benefits 		     11,465      10,853      –      –      11,465      10,853 
Provision for losses on financing receivables      2,087      1,546      –      –      2,087      1,546 
Other costs and expenses      20,598      20,257      6,560      6,369      14,212      14,098 
Minority interest in net earnings of consolidated                                     
   affiliates       250      262      137      136      113      126 
   Total costs and expenses      80,442      77,584      43,646      41,034      37,476      37,214 
Earnings before income taxes and accounting 
   changes 		     15,878      14,354      15,157      13,327      5,256      5,206 
Provision for income taxes      (3,847)     (4,159)     (3,126)     (3,132)     (721)     (1,027)
   Earnings before accounting changes      12,031      10,195      12,031      10,195      4,535      4,179 
Cumulative effect of accounting changes 
   (notes 3 and 4)		     (1,015)     (444)     (1,015)     (444)     (1,015)     (169)
   Net earnings    $ 11,016    $ 9,751    $ 11,016    $ 9,751    $ 3,520    $ 4,010 
Per-share amounts before accounting changes                                     
   Diluted earnings per share    $ 1.20    $ 1.01                         
   Basic earnings per share    $ 1.21    $ 1.03                         
 
Per-share amounts after accounting changes                                     
   Diluted earnings per share    $ 1.10    $ 0.97                         
   Basic earnings per share    $ 1.11    $ 0.98                         
 
Dividends declared per share    $ 0.54    $ 0.48                         
See notes to condensed consolidated financial statements. Consolidating information is shown for "GE" and "Financial Services (GECS)." 
Transactions between GE and GECS have been eliminated from the "consolidated" columns.
Condensed Statement of Financial Position
General Electric Company and consolidated affiliates
Consolidated
GE
Financial
Services (GECS)
(Dollars in millions) 9/30/02   12/31/01  9/30/02   12/31/01  9/30/02   12/31/01 
Cash and equivalents    $ 11,126    $ 9,082    $ 1,965    $ 10,447    $ 9,295    $ 7,314 
Investment securities      115,372      101,017      526      879      114,846      100,138 
Current receivables      10,803      9,590      11,094      9,805      –      – 
Inventories      9,341      8,565      9,090      8,295      251      270 
Financing receivables – net      188,217      174,032      –      –      188,217      174,032 
Other GECS receivables      42,142      38,422      –      –      43,911      40,584 
Property, plant and equipment (including equipment                                     
   leased to others) – net      44,345      42,140      13,262      12,799      31,083      29,341 
Investment in GECS      –      –      31,582      28,590      –      – 
Intangible assets – net      44,637      35,124      22,110      14,367      22,527      20,757 
All other assets      89,540      77,051      27,231      24,551      63,242      53,048 
Total assets    $ 555,523