GE Raises Profit Forecast for Industrial Units; Stock Jumps

Thursday, 27 Sep 2012 03:46 PM

 

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Shares of General Electric Co., the world’s largest maker of jet engines and diesel locomotives, climbed the most in more than two months Thursday after the company raised its forecast for profit growth at its industrial units.

Operating earnings at GE’s industrial businesses will rise about 10 percent this year, topping the previous forecast for a gain of 5 percent to 10 percent, according to a presentation Thursday from the Fairfield, Connecticut-based company.

“We like the industrial portfolio and think it’s going to deliver double-digit growth,” Chief Executive Officer Jeffrey Immelt said at a meeting with analysts and investors in Ossining, New York.

On the New York Stock Exchange, GE gained 2.9 percent to close at $22.73. It was the best percentage gainer among the 30 stocks in the Dow Jones Industrial Average. The gain extended a jump of 23 percent this year through Wednesday, outstripping the 14 percent increase for the Standard & Poor’s 500 Index.

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