By Ted Mann
General Electric Co. said Tuesday that its earnings next year
would likely come in lower than Wall Street has expected, as the
drop in oil prices weighs on earnings at its big oil and gas
business.
The company forecast industrial earnings next year of between
$1.10 and $1.20 a share while earnings from its GE Capital finance
unit will be about 60 cents a share, for a total of $1.70 to $1.80
a share. Analysts have forecast that GE earnings will rise 7% to
$1.79 a share for 2015.
GE Chief Executive Jeff Immelt said the company is cutting costs
at its oil and gas unit and expects flat to negative operating
earnings from the business next year. "The rest of the company
looks fine," Mr. Immelt told analysts and investors at its annual
investor day.
Write to Ted Mann at ted.mann@wsj.com
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