GE Affirms Double-Digit Growth for 2001

General Electric (GE Quote) said Tuesday it would deliver double-digit growth in 2001 "in any foreseeable economic scenario" and is comfortable with Wall Street's estimates for the first quarter.

In a meeting with analysts today, Jeffrey Immelt, the company's president and chairman-elect, said he is comfortable with the Street's earning estimates. The 10-analyst consensus earnings estimate is 30 cents a share for the first quarter, according to First Call/Thomson Financial. The company earned 26 cents in the year-ago period. Wall Street is expecting $1.49 for the year.

"The strength of our long-cycle businesses, with more than a $44 billion backlog, and the impact of GE's continuing emphasis on globalization, growth in services, six sigma quality and digitization will allow GE to deliver double-digit earnings growth in 2001,'' Immelt said in a statement. ...