General Electric says it will increase its dividend in 2011, two years after the industrial and commercial conglomerate reduced it to save money as its financial arm struggled in the recession.
Chief Financial Officer Keith Sherin told analysts at a conference Tuesday that the Fairfield, Conn., company expects its dividend to resume increasing next year. The company also sees potential for retiring its preferred stock and opportunities for stock buybacks, he said.
In early 2009, GE said it would cut its dividend to 10 cents per share from 31 cents. It has remained at 10 cents per share since then.
The dividend cut was GE's first since the Great Depression. It allowed the company to save $9 billion a year.
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