GE Reaffirms 2002 Earnings Targets, Says It Is On Track for Double-Digit First Quarter.Business Editors FAIRFIELD, Conn.--(BUSINESS WIRE)--Feb. 5, 2002 GE Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jeff Immelt today reaffirmed the Company's full-year target of 17-18% growth in ongoing earnings per share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ), to $1.65-$1.67, and expressed confidence about GE's first quarter. "The first quarter is only five weeks old, but we can see that it's turning out exactly as we expected," Immelt said. "We see revenues growing 3-5%, with double-digit growth at the industrial businesses. We're confident that first quarter EPS will meet or slightly exceed consensus estimates of $.34 per share, and that growth in cash from operations, excluding progress payments, will outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, earnings growth. "One thing stands out from the swirl in the markets," Immelt said, "and that is the fact that the GE business model works. Our diverse set of leading businesses continues to perform. Our initiatives are in full swing, with benefits from digitization dig·i·tize tr.v. dig·i·tized, dig·i·tiz·ing, dig·i·tiz·es To put (data, for example) into digital form. dig at record levels. We have tremendous financial strength and a system of controllership that is second to none. GE isn't a `faith' stock - it's a performance stock. And we're on track for another record performance." GE (NYSE NYSE See: New York Stock Exchange :GE) is a diversified technology, services and manufacturing company with a commitment to achieving customer success. GE operates in more than 100 countries and employs approximately 310,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. Caution Concerning Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in GE's filings with the Securities and Exchange Commission. |
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