Immelt Stands by GE Profit Guidance
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General Electric Co.’s chief executive affirmed earnings guidance for 2002 but said the company will face pressure over the next several years because of lower gas turbine sales.
Jeffrey Immelt said the company is on track to earn more than $16.5 billion, or $1.65 to $1.67 a share, for 2002, excluding accounting changes.
The company also remains comfortable with analysts’ 2003 earnings projections calling for double-digit earnings growth.
Immelt said he didn’t expect the economy to turn around in the second half, but some units within the company are showing small signs of improvement, namely plastics and broadcasting unit NBC.
Shares of Fairfield, Conn.-based GE were up $2.20, or 7.2%, at $32.85 on the New York Stock Exchange.
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