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GE Cuts Earnings Forecasts Amid U.S. Credit Turmoil, Shifts Focus to Industrial Businesses in China
General Electric Co. (GE), yesterday (Thursday) reduced its annual profit forecast for the second time this year and announced plans to reduce dependence on its financial services arm and focus more on the company’s industrial operations, particularly in China.
“GE today revised its earnings guidance for the third quarter, to a range of $0.43 to $0.48 per share from $0.50 to $0.54, reflecting unprecedented weakness and volatility in the financial services markets,†Chief Executive Officer Jeffery Immelt said in a statement.
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New Look General Electric Aims to Double its China Business by the Decade’s End
General Electric Co. (GE) expects its business in China to double to $10 billion a year by 2010, as the U.S. industrial giant aims to overcome a sputtering U.S. economy by ramping up its emerging-markets focus.
“We’ve seen great growth in China,” GE Chief Executive Officer Jeffrey R. Immelt told journalists at a recent press conference in Beijing. “The whole focus on water and the environment – well, that’s going to offer, we think, big opportunities for us as time goes on.”
At a time when the U.S. economy has been hamstrung by a severe credit crisis, a burst housing bubble, and energy…
9Sep2008 | Money Morning | Comments Off | Continued
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