GE at 4-year high on industrial segment outlook
NEW YORK (AP) — GE shares rose to a four-year high as the company told analysts it expects industrial revenue to rise about 10 percent this year.
The industrial segment of General Electric Co. includes the energy infrastructure, aviation and health care divisions and accounts for about two-thirds of total revenue. GE in July issued a more cautious forecast for growth of 5 percent to 10 percent in industrial revenue this year.
The forecast excludes the effects of acquisition, divestitures or currency exchange.
GE shares gained 66 cents, or 3 percent, to $22.76 in afternoon trading. They rose as high as $22.86, a level not seen since early October of 2008.
The Fairfield, Conn., company expects revenue at its GE Capital division to fall 5 percent for the full year, an improvement on the 10 percent decline in the first half. GE's total revenue for the first half, excluding discontinued businesses, rose 3 percent to $71.68 billion.