General Electric Co., the industrial giant which also has interests in the media and lending, said Thursday it expects earnings to meet the high end of earlier projections for the third quarter, and raised its outlook for full-year profit. Its shares rose on the news.
The conglomerate said it has seen “solid growth” in orders for major equipment and services, indicating that it expects to post earnings of 44 cents for the third quarter. Previously, the company forecast earnings of 43 cents to 44 cents.
GE said the “momentum” has carried over from the third quarter into the fourth, and the company raised the low end of its prior outlook for the full year by 1 cent, moving the range to $1.81 to $1.83 per share. Analysts surveyed by Thomson Financial forecast earnings for the year at $1.82. GE also said it intends to boosts its share repurchase program by $1 billion to more than $4 billion this year.