For the combined industrial segments, Glynn estimates revenue will grow by 3.4% to $154.3 billion in 2014, when factoring in $620 million in costs for corporate items. The analyst estimates that GE's total industrial profit will increase by 10% in 2014 to $7.873 billion, with profits growing in every industrial segment.
Despite the revenue decline for the Power & Water segment during the first quarter, Immelt said Oil & Gas orders were up 24% year-over-year. The higher orders feed Glynn's estimates for an increase in Power & Water revenue of 3% in 2014, with segment profit rising by 10% to $5.305 billion.
GE said its Aviation orders rose by a remarkable 47% in the first quarter from a year earlier. Glynn estimates Aviation will see revenue rise by 5% in 2014, with segment profit 8% to $4.409 billion.
Glynn's 12-to-18 month price target for GE's stock is $26, and he estimates the company will earn $1.65 a share this year, with EPS growing to $1.80 in 2014.
The EPS growth will be helped by share buybacks. General Electric expects its share repurchases this year to total $10 billion.
The company also pays a quarterly dividend of 19%, for a yield of 3.32%, based on Friday's close.
Interested in more on General Electric? See TheStreet Ratings' report card for this stock.
-- Written by Philip van Doorn in Jupiter, Fla.