February 28, 2006 |
General Electric Co. said it planned to sell its remaining stake in Genworth Financial Inc. for about $2.8 billion as it exits the insurance sector and focuses on faster-growing businesses. GE plans to sell to investors about 71.2 million Genworth Class A shares, worth about $2.31 billion. It also plans to sell to Genworth 15 million Genworth Class B shares at the same net price per share, worth about $486 million based on Monday's closing price. GE spun off Richmond, Va.-based Genworth in a $2.
January 21, 2006 |
General Electric Co. said Friday that fourth-quarter profit fell 46% as the industrial products, financial services and media giant absorbed nearly $3 billion in losses selling most of its insurance business. Although the earnings met expectations, revenue for the quarter was below what analysts expected. GE shares fell $1.31 to $33.37. GE said the sale of the volatile insurance business last year to Swiss Reinsurance Co. and growth in developing markets would help boost the bottom line.
December 12, 2005 |
A European court ruling this week on the European Commission's long-standing ban on General Electric Co.'s purchase of Honeywell International Inc. may have little practical effect, but it will be studied hard for the messages it sends out.
November 19, 2005 |
General Electric Co. sold most of its insurance unit to Swiss Reinsurance Co. on Friday for $6.8 billion in cash and stock, completing a strategy to leave a troublesome segment and redeploy cash to investors and faster-growing businesses. GE, the industrial products, financial services and media conglomerate, also boosted its dividend and expanded its stock repurchase plan as it announced the deal.
November 5, 2005 |
General Electric Co. adopted a provision that would make it easier for shareholders to force out directors in corporate governance disputes. Directors standing for reelection must offer to resign if more than half of shareholders withhold their votes, General Electric said. The board would be required to accept the resignation except for a "compelling" reason. General Electric joins more than 25 companies including Walt Disney Co. and Pfizer Inc. in adopting such policies.
October 15, 2005 |
General Electric Co. said Friday that its profit rose 15% in the third quarter as growth globally offset hurricane-related losses. Net income at GE, with businesses as varied as building jet engines and power plants, making loans and operating the NBC television network, rose to $4.67 billion, or 44 cents a share, from $4.07 billion, or 38 cents, a year earlier. Revenue climbed 9% to $41.9 billion.
October 7, 2005 |
General Electric Co. on Thursday raised its profit forecast for the year and its chief executive said the U.S. economy was "pretty darn good," giving GE shares their biggest one-day percentage boost in 21 months. GE rose 91 cents, or 2.8%, to $33.59, its best one-day gain since January 2004. The bullish comments from GE CEO Jeffrey Immelt were notably more optimistic than a survey of U.S.
October 7, 2005 |
The Environmental Protection Agency and General Electric Co. have struck a deal on dredging PCB-contaminated sediment from a 40-mile stretch of the Hudson River north of Albany. GE dumped an estimated 1.3 million pounds of PCBs -- a viscous liquid coolant used in transformers -- into the river from its plants in Fort Edward and Hudson Falls before the federal government banned the substance in 1977.
July 16, 2005 |
General Electric Co. posted a 24% rise in quarterly earnings Friday on a return to profit growth at its energy business and steady gains at its financial units. The earnings improvement came from nearly every corner of the conglomerate's business portfolio, with all 11 operating segments posting a profit gain of more than 10%. Net income rose to $4.65 billion, or 44 cents a share, in the second quarter, from $3.75 billion, or 36 cents, a year earlier. Sales rose 13% to $41.6 billion.
July 5, 2005 |
General Electric Co. has agreed to sell its stake in a $3-billion Indian power project once owned by Enron Corp., ending a four-year dispute with the government and lenders, officials said Monday. The 42.5% stake in Dabhol Power Co. will be sold to a unit of the Maharashtra State Electricity Board for $145 million, board spokesman R.S. Dotonde said Monday. The board, which owns 15% of Dabhol, was the power generator's sole customer.