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General Electric Sees 18% Profit Increase
By WebProNews
Staff Writer
Article Date: 2005-01-21
General Electric is reporting an 18% rise in 2004 fourth quarter earnings and is anticipating further growth in 2005.
According to Forbes.com,
The Fairfield-based industrial, financial and media conglomerate said Friday it earned $5.37 billion, or 51 cents per share, in the October-December period, up from $4.56 billion, or 45 cents a share, a year ago.
The results beat the consensus estimate of 50 cents per share of analysts surveyed by Thomson First Call.
"The breadth and the depth of the momentum we see is very positive," Jeff Immelt, GE's chief executive, said in a conference call with analysts. "We think we're in a period of expanding returns and have lots of cash flexibility."
Revenue in the fourth quarter was $43.7 billion, up 18 percent from $37 billion in the same period a year ago.
GE's ownership of NBC networks played a part in the earnings increase as well. NBC acquired Universal, which had hits with movies like "Meet The Fockers".
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