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GE Reissues Sept. 14 Release

The big conglomerate misfires on an earnings guidance release that was issued three weeks ago.
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Updated from 3:51 p.m.


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mistakenly reissued a weeks-old press release Monday concerning second-half earnings guidance and plans to sell a big chunk of its


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The company said investors should disregard the release, which was initially issued

Sept. 14.

The Fairfield, Conn., industrial conglomerate said it expected to make 43 to 44 cents a share for the third quarter and $1.80 to $1.83 a share for the year. Those figures are in line with the Wall Street analyst consensus estimates quoted by Thomson First Call. GE also said it expects cash flow from operating activities to be $17 billion to $18 billion for the year, which GE said is at the high end of its previous guidance.

"We have estimated the losses at GE Insurance Solutions from the storm and its aftermath, and despite this impact, we are confident we will deliver on our commitment to shareholders," said CEO Jeffrey Immelt. "We continue to see good fundamentals across the rest of our businesses and our earnings guidance remains consistent with prior expectations."

GE said it would sell 60 million shares of Genworth to the public and 21 million to Citigroup Global Markets, which in turn expects to offer securities exchangeable for Genworth Class A shares. The deals will cut GE's stake in Genworth to 32%, as the company said in a late afternoon press release that it "continues to execute strategy to reduce investment in insurance."

On Monday, GE fell 40 cents to $33.27 and Genworth slipped 31 cents to $31.93.