(Corrects to clarify that only GE's industrial revenue, instead
of company-wide revenue, is expected to rise by 8 percent this
year, para 7)
* Sees 2013 earnings up, doesn't say by how much
* "Fiscal cliff" standoff hurting demand, CEO says
By Ernest Scheyder
NEW YORK, Dec 17 General Electric Co
expects revenue to be flat to up 5 percent in 2013, with strong
overall demand for industrial equipment partly offset by
declining sales of wind turbines.
It also said concerns about the "fiscal cliff" were hurting
The company, in a presentation prepared for a meeting with
investors in New York on Monday afternoon, said it expects
profit to rise next year but did not say by how much.
GE, world's largest maker of jet engines and electric
turbines, further said it aims to boost profit margins by 70
basis points in 2013.
But Chief Executive Jeff Immelt warned investors that the
slow progress of negotiations in Washington to head off a
year-end fiscal cliff of higher taxes and government spending
cuts was taking a toll on business.
"There's no doubt the fiscal uncertainty slowed activity in
the fourth quarter of the year," said Immelt, who is a top
adviser to U.S. President Barack Obama on the economy and also a
member of a coalition of top U.S. CEOs pushing for a debt deal.
As a result, GE's 2012 industrial revenue, a measure that
excludes the company's sizable finance business, will be up
about 8 percent, below the 10 percent target Immelt discussed
with investors in September.
The Fairfield, Connecticut-based company no longer provides
numeric, per-share profit forecasts, a practice it abandoned
during the recession.
Analysts, on average, expect GE's earnings to rise about 12
percent to $1.69 per share next year, excluding one-time items,
with revenue increasing 2 percent to $150.57 billion, according
to Thomson Reuters I/B/E/S.
GE shares were up 17 cents, or less than 1 percent, at
$21.79 in afternoon trading on the New York Stock Exchange.
(Writing by Scott Malone; editing by Gary Hill)