Boston, Oct. 12: (Reuters): General Electric Co on Friday said third-quarter earnings rose 25 per cent as NBC television and the sale of its internet commerce unit helped offset sluggish plastics demand and weakness in its key aerospace and power markets.
GE executives said they expect solid growth next year, but plan aggressive cost cutting throughout the company. They said GE power systems, whose business has slowed after a long boom cycle, faces “dramatic restructuring.”
Chairman Jeff Immelt reluctantly provided the first glimpse of GE’s 2003 outlook. And Wall Street was glad to have it, as his remarks boosted GE shares 7 per cent, helping propel a broad-based stock rally.