General Electric painted a rosy picture of the US economy Tuesday as it backed financial estimates for next year.
At the firm's annual business meeting on Tuesday, chief executive Jeffrey Immelt confirmed that GE would produce earnings of between $1.55 and $1.65 a share next year, in line with analysts' recently lowered estimates of $1.58. He also noted that the firm is positioned for double-digit growth in 2005.
GE has been changing its portfolio mix toward higher-growth, higher-return businesses over the past year. Immelt said the firm intends to grow its commercial and consumer finance units, broaden its entertainment portfolio and expand its position in power and engines while reducing investment in the insurance segment. "We've really rebuilt the company," he said.
