Ge: '01 Targets In Reach, Future Looking Bright
NBC parent General Electric Co. said Monday that it expects double-digit growth next year and sees the economic downturn as a chance to further grow the business.
The Fairfield, Conn.-based company also said it will hit its financial targets for this year.
New CEO Jeffrey Immelt offered the outlook in a message to employees before GE's annual year-end meeting with analysts Dec. 18 in New York.
"Our strong balance sheet means that we are uniquely poised to seize opportunities in this down cycle that will position the company for substantial growth over time," Immelt said.
While the global economy remains challenging, GE said its more economically sensitive "short cycle" businesses — such as NBC, plastics and appliances — have stabilized in the United States, while Europe and Asia continue to slow.
Shares of GE dropped 0.35 on Monday to 36.80.
The Fairfield, Conn.-based company also said it will hit its financial targets for this year.
"Our strong balance sheet means that we are uniquely poised to seize opportunities in this down cycle that will position the company for substantial growth over time," Immelt said.
While the global economy remains challenging, GE said its more economically sensitive "short cycle" businesses — such as NBC, plastics and appliances — have stabilized in the United States, while Europe and Asia continue to slow.
Shares of GE dropped 0.35 on Monday to 36.80.
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