The mammoth company, General Electric, Co. announced Friday a 44 percent drop in its quarterly profit. Fourth-quarter 2008 earnings from continuing operations were of $3.9 billion, or $.37 per share before preferred dividend, or $.36 per share attributable to common shareowners.

GE warned that they “expect 2009 to be extremely difficult,” “However, we have taken strong actions to prepare the Company, including strengthening cash flow and liquidity; managing costs; taking restructuring charges; intensifying risk mitigation; accelerating cycle of management reviews; and protecting revenue. We ended 2008 with $172 billion of Infrastructure equipment and service backlogs. We have solid momentum in services, global growth and margins.” said Chief Executive Jeff Immelt. Well at least GE’s CEO is optimistic in such dramatic times of global economic crisis.

General Electric shares have plummeted approximately 60 per cent over the previous 12 months, effectively having $200 billion vanish. If 2009 is expected to be “extremely difficult” what can shareholders expect, if anything at all? Leftovers, anyone?

Image by wricontest under Creative Commons.

Full Press Release from GE.

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