General Electric Inc expects to see ‘solid growth’ in 2011, as the company anticipates finances in 2010 to mirror 2009’s depressed levels.
Meanwhile, GE’s payout to shareholders as measured by dividends declared dropped by slightly more than half in 2009.
Dividends declared were 61 cents in 2009 compared to $1.24 in 2008, a 51 percent drop, the company said today as it reported fourth quarter and full year results.
“We continue to operate the company with discipline,” said GE Chairman and Chief Executive Officer Jeff Immelt in a released statement today as the company reported its 2009 fourth quarter and full year results.
Total revenues for the year were down 14 percent in 2009 on sales of $156.8 billion compared to $182.5 billion in 2008.
Net earnings attributable to shareholders fell 38 percent to $10.7 billion, compared with$17.3 billion in 2008.
“Last month, we reviewed a 2010 financial framework that was about flat with 2009,” Immelt said.
“We believe this framework is quite achievable and sets us up for solid growth in 2011 and beyond,” he added. “Moreover, due to the company’s strong cash position, we will have an opportunity to keep GE secure and create long-term shareholder value.”