GE Comments on Investment by Trian
October 05 2015 - 6:04AM
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151005005720/en/
GEInvestors:Matt Cribbins,
203-373-2424matthewg.cribbins@ge.comorMedia:Seth Martin,
203-572-3567seth.martin@ge.com
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