Tags: US | GE | Annual | Meeting

GE Plans to Add Jobs, Lift Dividend as 'Clouds Breaking'

Wednesday, 28 Apr 2010 11:47 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
General Electric Co. believes that it will take renewed investment by businesses, more than just consumer spending, to drive the U.S. economy out of its worst downturn since the Great Depression.

"This recovery, unlike previous recoveries, is going to have a little bit of the consumer, but it's going to have to have a lot more business investment," Chief Executive Jeff Immelt said on Wednesday.

"Typically, in a recovery, the consumer might be 70 percent of the tail wind, if you will; and I just don't think the consumer is going to be as much."

The largest U.S. conglomerate expects to add jobs in the United States over the next few months and plans to raise its dividend in line with earnings growth, Immelt told reporters ahead of the company's annual meeting with shareholders.

GE shareholders are convening in Houston, where the company has substantial operations related to the oil and natural gas industry.

"The clouds are breaking and the forecast ahead of us is promising," Immelt told investors at the meeting.

Immelt has told investors to expect flat earnings this year at GE, which has seen profit fall for nine straight quarters as the recession and credit crunch hurt its varied operations.

The Fairfield, Connecticut-based company looks for profit growth to resume next year. It cut its dividend 68 percent during the credit crunch.

Buying back the preferred shares GE sold to Warren Buffett's Berkshire Hathaway Inc is also one of the company's top priorities.

GE shares were up about 1 percent at $18.88 on the New York Stock Exchange.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved