General Electric Affirms 2008 Guidance, Remains Mum On 2009

December 16, 2008 6:28 p.m. EST

Fairfield, CT (AHN) - General Electric said Tuesday that 2008 results should be in-line with guidance. The company also said it will not provide a 2009 outlook and plans to stop supplying quarterly estimates for the foreseeable future.

The company expects full-year 2008 earnings of $1.78 to $1.84 a share. GE also said fourth quarter earnings will be 50 to 52 cents a share. The news came at GE's annual outlook investor meeting.

"While 2008 has been a challenging year for the global economy and for many of our businesses, we still expect to earn over $18 billion and outperform the S&P 500 Industrials and Financials sectors," Chairman and CEO Jeff Immelt said in a press release.

The conglomerate, which makes products ranging from jet engines to washing machines, said it will maintain its annual dividend of $1.24 in 2009. GE has paid a dividend every year since 1899.

The company plans to maintain its $1 billion investment in executive development and trading. GE has also allocated $6 billion for technology spending in 2009, continuing is long-term investment in clean energy.

"We have taken a number of decisive actions to respond to the tough environment and position the Company for 2009 and beyond," Immelt said. "Our industrial businesses have superior technology, multiple revenue streams, geographic diversity and substantial backlogs, he added.

Shares of General Electric rose 5.7 percent on Tuesday to $17.92.