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News
GE 4Q meets Street
January 17, 2001: 11:06 a.m. ET

Company posts 16% earnings gain on 6% increase in revenue
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NEW YORK (CNNfn) - General Electric Co. said Wednesday earnings for its fourth quarter rose 16 percent, results that were in line with analysts' consensus expectations.

GE reported fourth-quarter earnings of $3.585 billion, or 36 cents per share, up from $3.089 billion, or 31 cents per share, a year earlier. The earnings were in line with expectations compiled by First Call.

graphicRevenue for the Fairfield, Conn.-based company was $35 billion, a 6 percent increase from the year-ago period.

For the year, revenue was $129.9 billion, up 16 percent, and earnings per share rose 19 percent to $1.27.

"We have built a company with a business mix and operating system that will allow us to deliver record results in any foreseeable economic climate," Chairman Jack Welch said. "We have just completed a very successful management transition and I've never been more confident about the company's future."

In late November, Welch tapped 44-year-old Jeffrey Immelt as his successor. Immelt had been president and CEO of GE's Medical Systems business.

Shares of GE (GE: Research, Estimates) rose 50 cents to $47.88 in morning trading. graphic

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