cut in earning estimates for 2008 according to analysts at Deutsche
Bank, with a “deterioration at GE Capital” being cited as the main
cause for the lowered forecast.
GE Capital saw a 28 percent drop in expected earnings to
$2.1bilion (€1.49 billion). The slump was explained by an analyst
as an effect of the “tighter credit market, asset shrinkage and
debt pay-down”.
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Deutsche Bank said it also expects a further decline, from the
current $2.20 (€1.56) a share to an expected $1.95 (€1.38) in 2009.
General Electric’s shares fell over 9 per cent after the
forecast.
GE Capital, which includes fleet management, equipment leasing
and commercial distribution operations, undertook a strategic
review this summer “in light of the ongoing financial turmoil”, a
company spokesperson told Leasing Life.
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