I estimate that General Electric Company (NYSE: GE)'s Commercial Finance segment is worth between $33.3 billion and $49.8 billion -- 23.4% below last July at the low end -- when compared to $43.5 billion and $64.1 billion.

GE's Commercial Finance offers loans, leases, and other financial services to manufacturers, distributors, and end-users for a variety of equipment and major capital assets. These assets include industrial-related facilities and equipment; commercial and residential real estate; vehicles; corporate aircraft; and equipment used in the construction, manufacturing, telecommunications, and health care industries.

GE Commercial Finance had a strong 2007. Its revenues and net earnings increased 11% and 14%, respectively, compared with 2006. Revenues in 2007 and 2006 included $2.4 billion and $0.1 billion from acquisitions, respectively, and in 2007 were reduced by $2.7 billion as a result of dispositions. Revenues in 2007 also increased $3.7 billion as a result of organic revenue growth ($2.7 billion) and the weaker U.S. dollar ($1.0 billion).

General Electric Co. (NYSE:GE) today reported first quarter results that matched Wall Street expectations. Investors pushed up the shares in pre-market trading.

Net income was $4.5 billion, or 44 cents per share, compared with $4.4 billion, or 42 cents, a year earlier. Revenue jumped 4 percent to $38.6 billion. Analysts expected profit of 44 cents on revenue of $39.8 billion, according to Thomson Financial.

GE's Infrastructure, Commercial Finance and Money units each posted double-digit revenue gains while GE Healthcare was little changed and NBC Universal and Industrial declined. All of the divisions showed gains in operating profit except Industrial.

Other highlights include a 32% gain in major equipment backlog, an 11% gain in services order and a 22% increase in financial services assets. Cash flow from operations rose 10 percent to $7.4 billion. The company was hurt by the meltdown in subprime mortgages at its WFC Mortgage business.

As expected, GE Infrastructure did well. Its revenue rose 18 percent to $11.9 billion, while operating jumped 28 percent to $2.2 billion. Revenue at Commercial Finance jumped 15% to $6.28 billion and 14 percent to $5.28 billion in GE Money. Commercial Finance profit rose 21 percent to $1.42 billion and GE Money profit gained 2 percent to $851 million.

Industrial revenue fell 9 percent to $7.4 billion and profit slumped 20 percent to $480 million. NBC Universal continued to lag with revenue plunging $3.48 billion as operating profit rose 6 percent to $691 million.

Investors, though, will reserve judgment on GE until this morning's earnings conference call.