GENERAL ELECTRIC CO. $37 (New York symbol GE; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 10.0 billion; Market cap: $370.0 billion; WSSF Rating: Above average) is one of the world’s largest industrial corporations. GE’s products include major appliances; lighting products; medical imaging equipment; power generation and delivery products; and aircraft jet engines. It also owns 80% of media company NBC Universal, which operates the NBC television network, Universal Studios and several cable and Internet properties.
GE sells a wide range of environmentally friendly consumer products, including low-wattage light bulbs and energy-efficient appliances. It also supplies wind turbines and solar panels to electrical utilities. As well, its expertise with nuclear power plants should help it profit from the construction of new plants around the world. Nuclear plants generate fewer emissions than gas and coalfired plants.
GE earned $2.17 a share (total $22.5 billion) in 2007, up 8.5% from $2.00 ($19.4 billion) in 2006. Revenue rose 13.8%, to $172.7 billion from $151.8 billion. Research and development spending was 2.4% of revenues. Long-term debt of $319.0 billion is a high 86% of its market cap, but won’t likely hinder GE’s ability to expand research or make acquisitions of companies with environmental technologies.
The company should earn $2.43 a share in 2008, and the stock trades at 15.2 times that figure. The $1.24 dividend yields 3.4%.
GE is a buy. We’re adding it to our WSSF Conservative Growth Portfolio.
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