General Electric’s profits exceed projections

January 23rd, 2010 - 4:53 am ICT by IANS  

New York, Jan 23 (DPA) General Electric Company’s fourth-quarter profits fell 22 percent from the same period last year, to $3.03 billion, but the figure exceeded analysts’ expectations and buoyed a gloomy mood Friday on Wall Street.
Revenues fell 10 percent to $41.4 billion, also beating estimates, Bloomberg financial news agency reported.

Company head Jeffrey Immelt was more than satisfied.

“The world we look at really has improved,” Immelt told analysts. “The GE business model has performed in the fourth quarter.”

GE cut its its annual dividend in 2009 for the first time since 1938, but may be able to boost the dividend with earnings by 2011, Immelt said.

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