print article Print     e-mail article E-mail
Published December 03, 2008, 12:00 AM

GE expects to hit low end of fourth quarter

General Electric Co. said Tuesday it expects fourth-quarter earnings to be near the low end of its guidance and will take a charge of up to $1.4 billion as it starts to shrink its struggling GE Capital finance arm next year because of the ongoing credit crisis.

WASHINGTON (AP) — General Electric Co. said Tuesday it expects fourth-quarter earnings to be near the low end of its guidance and will take a charge of up to $1.4 billion as it starts to shrink its struggling GE Capital finance arm next year because of the ongoing credit crisis.

The diversified industrial, finance and media conglomerate said it expects 2009 to be a difficult year for GE Capital, which provides a wide range of commercial and consumer loans and has been battered by the global economic downturn. GE laid out plans to reduce the finance unit’s exposure to the turbulent debt markets as it restructures next year.

Tags: , , , 

More from around the web