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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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26Sep2008 | Money Morning | Comments Off | Continued

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