General Electric Co sees 2013 sales up despite 'fiscal cliff' fears
In the face of an uncertain economy, the largest US conglomerate said it expects to increase profit next year, but did not say by how much.
Rather, Chief Executive Jeff Immelt repeated his goal of continuing to boost operating margins.
"There's still a lot of macroeconomic volatility and we're running our business at a lower cost rate," he told analysts, adding that the company planned "some restructuring" as it continues to cut costs and is not counting on any improvement in the European economy any time soon.
GE expects organic revenue at its industrial units - a measure that excludes exchange-rate fluctuations and any acquisitions or unit sales - to grow by 2 to 6 percent next year, with weak sales of wind turbines partially offsetting growth in other areas.
The world's largest maker of jet engines and electric turbines aims to boost profit margins by 70 basis points in 2013, an increase that would raise its operating margin to about 15.8 percent of sales.
GE forecast double-digit percentage profit growth at businesses that make equipment used in oil and gas production, railroad locomotives and appliances and lighting.
Profit at its GE Capital finance arm, which it continues to scale back, could be flat to up by a single-digit percentage.
Immelt warned investors at a meeting in New
Be the first to comment.