General Electric ( GE) priced a secondary offering of its former Genworth ( GNW) unit and affirmed earnings guidance for the current quarter and year. GE, which spun off Genworth last year, said it sold 71 million Class A shares of the insurance outfit for $32.75 apiece through underwriters led by Merrill Lynch. Including another 15 million Class B shares GE sold back to Genworth, the company raised $2.8 billion, which it will use for "industrial acquisitions" and buybacks. The sale represented GE's remaining stake in Genworth. In a press release, General Electric also affirmed guidance, saying it expects to earn 38 cents to 40 cents a share in the current first quarter and $1.94 to $2.02 a share for the full year. The Thomson First Call consensus estimates are 39 cents a share for the quarter and $1.98 a share for the year. "We are very pleased with the completion of the Genworth sale, and GE is well positioned for double-digit earnings growth in 2006," GE said. "We are off to a strong start for the year. We expect our first-quarter orders to grow 20% year-over-year lead by strong major equipment orders and services growth, and we are confident in our ability to meet our guidance for the quarter and the year." GE's stock closed at $32.85 Thursday. Genworth closed at $33.