aviation (13% and 17% of consolidated three-year revenues and total segment profit, respectively) revenues increased 6% in 2013 as a result of higher prices and higher volume primarily driven by increased commercial and military engine sales. Segment profit increased by 7% in 2013 as a result of higher prices partially offset by the effects of inflation and lower productivity. In 2012, Aviation revenues increased 7% as a result of higher volume and higher prices driven by equipment sales and services. Segment profit increased by around 6% in 2012 as a result of higher volume and higher prices. healthcare (12% and 14% of consolidated three-year revenues and total segment profit, respectively) revenues increased 1% in 2013 on higher equipment sales, with the strongest growth in emerging markets. Segment profit increased 4% in 2013 as a result of increased productivity. Revenues increased 7% in 2012 due to higher volume of both equipment and service sales. Segment profit increased 2% in 2012 primarily due to increased productivity. transportation (3% and 3% of consolidated three-year revenues and total segment profit, respectively) revenues increased 15% in 2013 due to higher volume and higher prices related to increased equipment sales and services. Segment profit increased 36% in 2013 as a result of higher prices and increased productivity, reflecting improved service margins. Revenues increased 45% in 2012 as a result of higher volume related to increased equipment sales and services. Segment profit increased over 100% in 2012 as a result of increased productivity, reflecting improved service margins and higher volume. home & business solutions (5% and 2% of consolidated three-year revenues and total profit, respectively) revenues increased 4% in 2013 and decreased 3% in 2012. In 2013, revenues increased as a result of higher prices at Appliances. The revenue decrease in 2012 was related to lower volume at Appliances. Segment profit increased 31% in 2013
GE Annual Report 2013
primarily as a result of higher prices partially offset by the effects of inflation. Segment profit decreased 41% in 2012 as a result of the effects of inflation. ge capital (33% and 28% of consolidated three-year revenues and total segment profit, respectively) net earnings increased 12% in 2013 and 111% in 2012 due to the continued stabilization in the overall economic environment. Increased stability in the financial markets has contributed to lower losses and a significant increase in segment profit to $7.4 billion in 2013 and $6.6 billion in 2012. We also reduced our ending net investment (ENI), excluding cash and equivalents, from $513 billion at January 1, 2010 to $419 billion at December 31, 2013. GECC is a diversely funded and smaller, more focused finance company with strong positions in several commercial mid-market and consumer financing segments. Overall, acquisitions contributed $2.8 billion, $4.6 billion and $0.3 billion to consolidated revenues in 2013, 2012 and 2011, respectively, excluding the effects of acquisition gains. Our consolidated net earnings included $0.2 billion, an insignificant amount and $0.1 billion in 2013, 2012 and 2011, respectively, from acquired businesses. We integrate acquisitions as quickly as possible. Only revenues and earnings from the date we complete the acquisition through the end of the fourth following quarter are attributed to such businesses. Dispositions also affected our ongoing results through lower revenues of $5.1 billion, $12.6 billion and $3.0 billion in 2013, 2012 and 2011, respectively. The effects of dispositions on net earnings were decreases of $0.3 billion in both 2013 and 2012 and an increase of $0.1 billion in 2011. We expect to contribute $0.7 billion to our other pension plans in 2013. discontinued operations. Consistent with our goal of reducing GECC ENI and focusing our businesses on selective financial services products where we have domain knowledge,
Management's Discussion and Analysis