GE Reiterates 2002 Profit Forecast
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General Electric Co., the world’s biggest company by market value, reiterated that it expects profit to rise by as much as 18% this year.
Per-share profit will rise to $1.65 to $1.67 in 2002 and jump by “double-digit gains in 2003,” Chief Financial Officer Keith Sherin said at an investor meeting. The forecast excludes a write-down of $1 billion, or 10 cents a share, for a change in accounting for acquisitions.
General Electric, seeking to assure investors, released a more detailed annual report this month listing sales and operating profit from 26 businesses. The meeting was designed to show investors and analysts how the company runs its businesses.
Shares of GE, which is based in Fairfield, Conn., fell 29 cents to $39.90 on the NYSE.
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