General Electric (GE) released the earnings results from its fourth fiscal quarter before opening bell this morning, posting operating earnings of 56 cents per share on $42 billion in revenue, a 4% year over year increase. Analysts had been expecting earnings per share of 55 cents on $42.2 billion in revenue for the quarter.

General Electric (GE) Edges Out Earnings Estimates

Reported earnings were 51 cents per share or $5.15 billion, compared to 32 cents per share of $3.21 billion in the same quarter a year ago.

Breaking down GE’s earnings report

GE reported an 8% increase in profits from its industrial segment as six of the seven divisions grew their earnings during the quarter. Profits from the industrial segment were $6 billion for the fourth quarter. Industrial organic revenue was $32.2 billion for the fourth quarter and $108 billion for the full year. General Electric trimmed $1.2 billion of its industrial structural costs in 2014, which is a little ahead of the previously provided plan.

In the company’s oil and gas segment, performance was as management expected, with a 4% decline in organic orders, flat revenue, a 6% increase in operating profit and a 10% decline in orders. Management had warned investors in December that the oil and gas segment could see a decline of up to 5% due to contractions within the industry. They have also said that they could be making some major cost cuts in the near future.

GE also reported a $261 billion backlog, including $72 billion in equipment and $189 billion in services.

Updates for GE Capital

GE Capital’s EBI, excluding liquidity, was $363 billion, a 5% decline year over year. The firm’s Common Core Tier 1 Common Ratio under Basel I was 12.7% in the fourth quarter compared to 12.1% in the same quarter a year ago.

GE management is now working on separating Synchrony Financial, its retail finance business, from the rest of its operations. The spinoff will trim another arm off of GE Capital.

As of this writing, shares of General Electric had risen by less than 1% in premarket trading following this morning’s earnings report.