General Electric bullish on 2010, eyes buybacks

GENERAL ELECTRIC (GE) sees “upside” to its 2010 financial framework, which calls for profit to be roughly flat with last year, and expects to resume share buybacks by the end of this year.

The largest US conglomerate has seen growth in its rate of orders and expects earnings to rise beginning in the current second quarter, it said.

The world’s largest maker of jet engines and electricity-producing turbines said it considers its shares an attractive buy below $22 (£15.30).

GE has stopped providing per-share profit guidance, instead offering investors a “framework” spelling out how it expects its various units to perform. This year’s framework anticipates profit to be roughly flat with last year’s level.

Analysts, on average, look for second-quarter profit of 27 cents per share, excluding one-time items, with full-year earnings seen coming to $1.08, according to Reuters.