General Electric May Raise Dividend Rate (GE)
Symbols: GE
Posted in: Dividends, Intraday Update
General Electric Co. (NYSE: GE) expects to raise its dividend in 2011. Speaking at an investor conference, CEO Keith Sherin said, “We have very good visibility around our cash flow ... If you think about 2011 for us, we believe we're going to have earnings growth. We plan to resume growing the dividend again in 2011." General Electric (GE) had slashed its dividend by 68% in 2009. The cut saved the company $9 billion a year.
GE’s CEO also indicated that the company might use its cash reserves for buying back its preferred shares. The company does not provide earnings guidance, but it expects 2010 profit figures to be flat. The company's CEO said that he expects GE annual profit to double by 2013.
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