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GE sees results in line
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December 11, 2001: 7:05 a.m. ET
General Electric expects to meet 4Q and 2001 earnings estimates.
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NEW YORK (CNN/Money) - General Electric's first-year chairman and chief executive, Jeffrey Immelt, said the company will meet its targets for the fourth quarter and 2001, despite the lingering recession and a $400 million hit directly related to the Sept.11 attacks.
Analysts expect the company to earn 39 cents per share in the fourth quarter and $1.41 per share in fiscal year 2001. If General Electric meets its full year target, it will represent an 11 percent increase from the $1.27 per share it posted in 2000.
In an e-mail addressed to General Electric employees, Immelt also said the company expects earnings in fiscal year 2002 to grow 10 percent or more in "equally tough" business conditions.
Analysts see GE reporting a profit of $1.59 per share in 2002.
"We will meet our commitments in 2001 in the face of a recession, the tragic events of 9/11 and many other disruptions in the economy," Immelt said in the e-mail. "What's more, we only see double-digit growth on the horizon for 2002 and beyond."
Shortly after taking the reins at General Electric and the Sept. 11 attacks, Immelt said he expected double-digit earnings growth in 2001 and 2002. At that time, he did scale back earnings-per-share guidance for 2001 to the current $1.41 per share from $1.45 per share.
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General Electric lost millions in the wake of Sept. 11 as it insured all four airplanes used in the attacks, insured some of the office space in the World Trade Center, and had its NBC broadcasting unit cover the aftermath for days without advertising.
Immelt took over for Jack Welch in early September after Welch spent 20 years at the helm for General Electric and became one of the most popular CEOs in business.
-from staff and wire reports 
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