General Electric, GE shares slide 9pc after flat revenues

Manufacturing News, Source : TheManufacturer.com
Published : 12 Apr 2002 9:31

Flat revenues at General Electric have knocked the US multinational’s shares down more than 9 per cent.

GE used its first earnings conference call to reveal more information about its financial and operating performance, including the impact of acquisitions on revenue and profit growth over the past three years.

While the company announced a 17 per cent increase in earnings in the first quarter, revenues in the first quarter of 2002 were almost flat at $30.5bn, falling short of analysts' estimates. The group's shares slid $3.45 to close at $33.75.

Keith Sherin, chief financial officer, told the conference call that "the business environment is still very tough".

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