Video: GE's profit outlook

updated 12/13/2006 11:07:37 AM ET 2006-12-13T16:07:37

General Electric Co. reaffirmed on Tuesday it expects earnings to increase 15 percent to 16 percent in 2006, and announced it expects double-digit earnings growth for 2007.

The Fairfield-based industrial, financial services and media conglomerate said it expects fourth quarter earnings in 2006 to increase 13 percent to 16 percent, or 62 to 64 cents per share. It said annual earnings for 2006 would show an increase to a range of $1.97 to $1.99 per share.

The company predicted earnings to increase in 2007 by 10 percent to 13 percent, or $2.17 to $2.23 per share.

(MSNBC.com is a joint venture of Microsoft and NBC Universal, which is a GE company.)

“We will be ideally positioned in 2007 and beyond for long-term performance where demand for our products and services will be fueled by global expansion, leading technology and favorable demographics,” GE Chairman and CEO Jeff Immelt said in a news release before the company’s annual outlook meeting in New York.

Previously, GE had predicted earnings per share in 2006 of $1.94 to $2.02 this year, up 13 percent to 17 percent. Analysts expect earnings of $1.99 per share.

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