General Electric
Says 3rd-Qtr
Results Are `On
Track' (Update2)
By Anna Dubrovsky
Fairfield, Connecticut,
Sept. 25 (Bloomberg) --
General Electric Co., the
world's biggest company by
market value, said
third-quarter results are ``on
track.''
The maker of products
ranging from jet engines to
light bulbs in July said
third-quarter sales would
rise 8 percent to 10
percent, and earnings
would jump as much as 25 percent. Most of the sales gain will come from units sensitive to the
economy, including NBC television, plastics and appliances.
Part of the improvement will be because of easier comparisons with a year earlier, when sales
dropped 8 percent to $29.5 billion because the company exited some finance businesses. Net
income in the year-earlier quarter was $3.28 billion, or 33 cents a share.
Chief Financial Officer Keith Sherin will outline the company's performance during a meeting with
analysts at 8:30 a.m. New York time tomorrow, GE said in a press release distributed by Business
Wire.
In the second quarter, net income rose 14 percent to $4.43 billion, or 44 cents, from $3.89 billion,
or 39 cents. Sales gained 4 percent to $33.2 billion from $32 billion.
Shares of Fairfield, Connecticut-based GE fell 50 cents to $25.90 in New York Stock Exchange
composite trading yesterday. They have fallen 35 percent this year.
(The meeting can be monitored on the Internet at ge.com.) |
