Company Website:
http://www.ge.com
FAIRFIELD, Conn. -- (Business Wire)
GE [NYSE:GE] today issued the following statement from GE Chairman and
CEO Jeff Immelt regarding Trian Fund Management L.P.’s $2.5 billion
investment in GE stock, which makes Trian one of GE’s largest
shareholders:
“We welcome Trian’s significant investment in the Company. GE maintains
an open dialogue with our shareholders and enjoys productive,
collaborative relationships with them. I have known Trian Principals
Nelson Peltz and Ed Garden for many years. Trian has a strong track
record of working with companies to build long-term shareholder value,
and has been an engaged shareholder. We appreciate their perspectives
and look forward to a constructive ongoing dialogue with Trian as we
execute our strategy to reshape the Company.
“GE is focused on improving margins and returns, reducing costs and the
size of corporate, returning capital to shareholders and realigning our
portfolio, most recently with the announced exit of most of GE Capital.
Significantly, we have a plan to return more than $90 billion to
investors through 2018 and are on track to complete our goal of closing
$100 billion of GE Capital asset sales in 2015. We are transforming GE
into a focused infrastructure and technology company, leading the
intersection of the physical and analytical worlds.
“Our businesses are performing well in a volatile environment. In the
second-quarter earnings announcement, GE raised its full-year Industrial
operating earnings per share guidance to $1.13-1.20 and is on track for
that goal. We are confident our strategy will further enhance
shareholder value and continue to position GE for long-term growth and
success.”
About GE
GE (NYSE:GE) is the world’s Digital Industrial Company, transforming
industry with software-defined machines and solutions that
are connected, responsive and predictive. GE is organized around a
global exchange of knowledge, the "GE Store," through which each
business shares and accesses the same technology, markets, structure and
intellect. Each invention further fuels innovation and application
across our industrial sectors. With people, services, technology and
scale, GE delivers better outcomes for customers by speaking the
language of industry. www.ge.com
GE’s Investor Relations website at www.ge.com/investor
and our corporate blog at www.gereports.com,
as well as GE’s Facebook page and Twitter accounts, contain a
significant amount of information about GE, including financial and
other information for investors. GE encourages investors to visit these
websites from time to time, as information is updated and new
information is posted.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS:
This document contains "forward-looking statements" – that is,
statements related to future, not past, events. In this context,
forward-looking statements often address our expected future business
and financial performance and financial condition, and often contain
words such as "expect," "anticipate," "intend," "plan," "believe,"
"seek," "see," "will," "would," or "target." Forward-looking statements
by their nature address matters that are, to different degrees,
uncertain, such as statements about our announced plan to reduce the
size of our financial services businesses, including expected cash and
non-cash charges associated with this plan; expected income; earnings
per share; revenues; organic growth; margins; cost structure;
restructuring charges; cash flows; return on capital; capital
expenditures, capital allocation or capital structure; dividends; and
the split between Industrial and GE Capital earnings. For us, particular
uncertainties that could cause our actual results to be materially
different than those expressed in our forward-looking statements
include: obtaining (or the timing of obtaining) any required regulatory
reviews or approvals or any other consents or approvals associated with
our announced plan to reduce the size of our financial services
businesses; our ability to complete incremental asset sales as part of
that plan in a timely manner (or at all) and at the prices we have
assumed; changes in law, economic and financial conditions, including
interest and exchange rate volatility, commodity and equity prices and
the value of financial assets, including the impact of these conditions
on our ability to sell or the value of incremental assets to be sold as
part of our announced plan to reduce the size of our financial services
businesses as well as other aspects of that plan; the impact of
conditions in the financial and credit markets on the availability and
cost of GECC's funding, and GECC's exposure to counterparties; the
impact of conditions in the housing market and unemployment rates on the
level of commercial and consumer credit defaults; pending and future
mortgage loan repurchase claims and other litigation claims in
connection with WMC, which may affect our estimates of liability,
including possible loss estimates; our ability to maintain our current
credit rating and the impact on our funding costs and competitive
position if we do not do so; the adequacy of our cash flows and earnings
and other conditions which may affect our ability to pay our quarterly
dividend at the planned level or to repurchase shares at planned levels;
GECC's ability to pay dividends to GE at the planned level, which may be
affected by GECC's cash flows and earnings, financial services
regulation and oversight, and other factors; our ability to convert
pre-order commitments/wins into orders; the price we realize on orders
since commitments/wins are stated at list prices; customer actions or
developments such as early aircraft retirements or reduced energy demand
and other factors that may affect the level of demand and financial
performance of the major industries and customers we serve; the
effectiveness of our risk management framework; the impact of regulation
and regulatory, investigative and legal proceedings and legal compliance
risks, including the impact of financial services regulation and
litigation; adverse market conditions, timing of and ability to obtain
required bank regulatory approvals, or other factors relating to us or
Synchrony Financial that could prevent us from completing the Synchrony
Financial split-off as planned; our capital allocation plans, as such
plans may change including with respect to the timing and size of share
repurchases, acquisitions, joint ventures, dispositions and other
strategic actions; our success in completing, including obtaining
regulatory approvals for, announced transactions, such as the proposed
transactions and alliances with Alstom, Appliances and our announced
plan to reduce the size of our financial services businesses, and our
ability to realize anticipated earnings and savings; our success in
integrating acquired businesses and operating joint ventures; the impact
of potential information technology or data security breaches; and the
other factors that are described in "Risk Factors" in our Annual Report
on Form 10-K for the year ended December 31, 2014. These or other
uncertainties may cause our actual future results to be materially
different than those expressed in our forward-looking statements.We
do not undertake to update our forward-looking statements.
This document includes certain forward-looking projected financial
information that is based on current estimates and forecasts. Actual
results could differ materially.
This document also contains non-GAAP financial information.
Management uses this information in its internal analysis of results and
believes that this information may be informative to investors in
gauging the quality of our financial performance, identifying trends in
our results and providing meaningful period-to-period comparisons. For a
reconciliation of non-GAAP measures presented in this document, see the
accompanying supplemental information posted to the investor relations
section of our website at www.ge.com.
In this document, “GE” refers to the Industrial businesses of the
Company including GECC on an equity basis. “GE (ex-GECC)” and/or
“Industrial” refer to GE excluding Financial Services.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151005005720/en/
Contacts:
GE
Investors:
Matt Cribbins, 203-373-2424
matthewg.cribbins@ge.com
or
Media:
Seth
Martin, 203-572-3567
seth.martin@ge.com
Source: GE
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