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We are well positioned in 2004. We should have double-digit earnings growth at nine of 11 businesses. In addition, we should have double-digit expansion of CFOA. As Energy and Transportation rebound and we complete our portfolio moves this year, we are set for a prolonged period of double-digit growth. We have built a company that wins in the future:
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If you believe the world will continue to have excess capacity and price pressure … GE wins. Your company is a technical and services leader capable of delivering organic growth and margin expansion.
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If you believe that globalization is both an opportunity and a risk … GE wins. GE is one of the few companies that can view China as a profit driver from both selling and sourcing, and that has growth opportunities worldwide.
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If you believe that consolidating distribution channels will impact value … GE wins. GE receives 90% of its revenues through direct customer contacts, and we have deep industry expertise that makes us more competitive and our customers more profitable.
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If you believe that identifying businesses with unstoppable demographics will drive long-term industry growth rates … GE wins. We have expanded our Healthcare business. We are growing in Hispanic media. We will be big in China. In developing markets, we are the global infrastructure leader. We are a leader in security and energy efficiency.
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If you are worried about a more volatile world … GE wins. This is a financially strong, triple-A rated company with a strong culture and values. We will not let you down.
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GE is better positioned than ever. As in the past, GE has changed ahead of the times. Our investors will be the beneficiaries.
February 13, 2004
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