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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: lurqer who wrote (10553)	12/16/2002 10:29:37 PM
From: stockman_scott	Respond to of 89467

GE Backs Forecast Filed at 9:21 p.m. ET BOSTON (Reuters) - General Electric Co. (GE.N) on Monday backed its earnings forecasts for this year and 2003, but the manufacturing conglomerate said it doesn't see a catalyst that would raise expectations beyond the targets it gave late last month. In a slide presentation on GE's Web site, the company said on balance its businesses have stabilized, but they lack a ``spark.'' GE also said it does not see a catalyst to justify any upward revision of guidance. GE Chairman Jeff Immelt is expected to address investors on Tuesday in New York, with the slide presentation as a backdrop. As stated on Nov. 21, GE expects to earn $1.51 a share this year, or 7 percent more than 2001. That matches the consensus forecasts among Wall Street analysts, according to research firm Thomson First Call. GE, maker of everything from jet engines to appliances, said it expects to earn $1.55 to $1.70 per share next year, or 3 percent to 13 percent more than 2002. That matches the Nov. 21 guidance . Analysts are looking for GE to earn $1.55 to $1.65 a share in 2003, with a consensus forecast of $1.63 a share, according to First Call. After several years of booming growth, GE's power systems business is expected to slow considerably next year on slackening demand for gas turbines. GE said power's revenue would be an estimated $19.7 billion next year, down from an expected $23 billion this year. Operating profit at power is expected to range between $3.8 billion and $3.9 billion in 2003, down as much as 40 percent when compared to this year's estimated $6.2 billion. NBC Television is a bright spot, and GE expects operating profit there to surge to as much as $1.95 billion, or up to 20 percent more than 2002. Despite dealing with financially strapped airline customers, GE's aircraft engine unit expects flat revenue of about $10.8 billion in 2003, but operating profit could rise as much as 10 percent to $2.2 billion compared with this year.