Reports Q1 (Mar) earnings of $0.21 per share, excluding $0.05 in non-recurring items, $0.05 better than the Thomson Reuters consensus of $0.16; revenues fell 4.8% year/year to $36.6 bln vs the $37.1 bln consensus. GE Capital Services' (GECS) revs fell 9% vs. the first quarter of last year to $13.2 bln. Industrial sales were $23.5 bln, down 2% from the first quarter of 2009. Segment profit fell 16% compared with the first quarter of 2009, as 12% growth at Energy Infrastructure was more than offset by earnings declines of 41% at GE Capital, 18% at Technology Infrastructure and 49% at NBC Universal. Total co orders of $17.1 bln, down 8%; total backlog was stable at $174 bln. "GE's environment continued to improve in the first quarter of 2010. We saw encouraging economic signs, including increases in airline passenger miles and freight loadings, declines in receivables delinquencies, and growth in local advertising markets. Total co backlog of equipment and services held steady from the prior quarter at $174 bln. Our Healthcare and Oil & Gas businesses experienced solid orders growth and our equipment and services backlog remains strong. We are seeing solid signs of stabilization. Losses, delinquencies and non-earning assets (ex-FAS 167) declined in the quarter. At the same time, reserve coverage increased. We are originating new business at attractive margins and our funding costs have declined. GE Capital losses seem to have peaked. Commercial real estate continues to be challenging, but the risks are understood and we expect them to be manageable. We have strengthened the GE Capital franchise and are on track for solid earnings growth."