FORM 10-Q

(Mark One)

þ

OR

o

For the transition period from ____ to ____

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)

_______________________________________________
(Former name, former address and former fiscal year,
if changed since last report)

Page

Part I - Financial Information

     Item 1. Financial Statements

          Condensed Statement of Earnings

               Third Quarter Ended September 30, 2003

3

               Nine Months Ended September 30, 2003

4

          Condensed Statement of Financial Position

5

          Condensed Statement of Cash Flows

6

          Summary of Operating Segments

7

          Notes to Condensed, Consolidated Financial Statements

8

     Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition

20

     Item 4. Controls and Procedures

44

Part II - Other Information

     Item 1. Legal Proceedings

44

     Item 6. Exhibits and Reports on Form 8-K

45

     Signatures

46

Third quarter ended September 30 (Unaudited)

Consolidated

GE

Financial
Services (GECS)

(In millions; per-share amounts in dollars)

2003

2002

2003

2002

2003

2002

Sales of goods

$

12,146

$

12,987

$

11,626

$

12,271

$

527

$

779

Sales of services

4,779

5,061

4,837

5,115

–

–

Earnings of GECS before accounting changes

–

–

2,207

1,551

–

–

GECS revenues from services (note 8)

15,937

14,214

–

–

16,154

14,336

Other income

206

457

235

486

–

–

Securitization and certain other FIN 46 entities (note 3)

326

–

–

–

326

–

     Total revenues

33,394

32,719

18,905

19,423

17,007

15,115

Cost of goods sold

9,247

9,156

8,795

8,546

459

673

Cost of services sold

3,042

3,084

3,100

3,138

–

–

Interest and other financial charges

2,531

2,773

282

212

2,366

2,645

Insurance losses and policyholder
     and annuity benefits

4,168

4,227

–

–

4,168

4,227

Provision for losses on financing receivables

1,061

640

–

–

1,061

640

Other costs and expenses

7,944

7,491

2,241

2,340

5,832

5,218

Minority interest in net earnings of
     consolidated affiliates

77

84

44

45

33

39

Securitization and certain other FIN 46 entities (note 3)

204

–

–

–

204

–

     Total costs and expenses

28,274

27,455

14,462

14,281

14,123

13,442

Earnings before income taxes and accounting change

5,120

5,264

4,443

5,142

2,884

1,673

Provision for income taxes

(1,099

)

(1,177

)

(422

)

(1,055

)

(677

)

(122

)

     Earnings before accounting change

4,021

4,087

4,021

4,087

2,207

1,551

Cumulative effect of accounting change (note 3)

(372

)

–

(372

)

–

(339

)

–

     Net earnings

$

3,649

$

4,087

$

3,649

$

4,087

$

1,868

$

1,551

Per-share amounts before accounting change

     Diluted earnings per share

$

0.40

$

0.41

     Basic earnings per share

$

0.40

$

0.41

Per-share amounts after accounting change

          Diluted earnings per share

$

0.36

$

0.41

          Basic earnings per share

$

0.36

$

0.41

Dividends declared per share

$

0.19

$

0.18

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.

Nine months ended September 30 (Unaudited)

Consolidated

GE

Financial
Services (GECS)

(In millions; per-share amounts in dollars)

2003

2002

2003

2002

2003

2002

Sales of goods

$

35,500

$

40,211

$

33,931

$

37,823

$

1,582

$

2,494

Sales of services

15,710

15,586

15,930

15,770

–

–

Earnings of GECS before accounting changes

–

–

5,479

4,535

–

–

GECS revenues from services (note 8)

45,278

40,302

–

–

45,853

40,615

Other income

409

598

458

675

–

–

Securitization and certain other FIN 46 entities (note 3)

326

–

–

–

326

–

     Total revenues

97,223

96,697

55,798

58,803

47,761

43,109

Cost of goods sold

26,288

28,360

24,940

26,229

1,361

2,237

Cost of services sold

9,707

10,092

9,927

10,276

–

–

Interest and other financial charges

7,810

7,590

705

444

7,362

7,362

Insurance losses and policyholder and annuity benefits

12,409

11,465

–

–

12,409

11,465

Provision for losses on financing receivables

2,799

2,087

–

–

2,799

2,087

Other costs and expenses

23,408

20,975

7,018

6,560

16,757

14,589

Minority interest in net earnings of
     consolidated affiliates

219

250

123

137

96

113

Securitization and certain other FIN 46 entities (note 3)

204

–

–

–

204

–

     Total costs and expenses

82,844

80,819

42,713

43,646

40,988

37,853

Earnings before income taxes and accounting changes

14,379

15,878

13,085

15,157

6,773

5,256

Provision for income taxes

(3,350

)

(3,847

)

(2,056

)

(3,126

)

(1,294

)

(721

)

     Earnings before accounting changes

11,029

12,031

11,029

12,031

5,479

4,535

Cumulative effect of accounting changes (notes 3, 4 and 6) 

(587

)

(1,015

)

(587

)

(1,015

)

(339

)

(1,015

)

     Net earnings

$

10,442

$

11,016

$

10,442

$

11,016

$

5,140

$

3,520

Per-share amounts before accounting changes

     Diluted earnings per share

$

1.10

$

1.20

     Basic earnings per share

$

1.10

$

1.21

Per-share amounts after accounting changes

     Diluted earnings per share

$

1.04

$

1.10

     Basic earnings per share

$

1.04

$

1.11

Dividends declared per share

$

0.57

$

0.54

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.

Consolidated

GE

Financial
Services (GECS)

(Dollars in millions)

9/30/03

12/31/02

9/30/03

12/31/02

9/30/03

12/31/02

Cash and equivalents

$

8,321

$

8,910

$

1,117

$

1,079

$

7,285

$

7,918

Investment securities

119,070

116,862

343

332

118,727

116,530

Current receivables

9,962

10,681

10,187

10,973

–

–

Inventories

9,047

9,247

8,834

9,039

213

208

Financing receivables – net

214,616

198,060

–

–

214,616

198,060

Other GECS receivables

39,295

43,017

–

–

41,629

44,569

Property, plant and equipment (including
     equipment leased to others) – net

49,196

49,073

13,680

13,743

35,516

35,330

Investment in GECS

–

–

42,482

36,929

–

–

Intangible assets – net

50,086

46,180

26,322

23,049

23,764

23,131

Securitization and certain other FIN 46 entities (note 3)

30,725

–