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GE Sees $115 Million Charge After Court Decision

Reuters
Friday, 16 Feb 2007 | 4:29 PM ET

General Electric expects to take a $115 million charge in the first quarter related to a court ruling on its asbestos liability, according to a company spokesman.

That follows a New York State court ruling, said GE spokesman Gary Sheffer, in an e-mail message.

"This is a one-time, nonrecurring event with an after-tax effect of approximately $115 million and does not change our earnings guidance for the first quarter or for 2007," Sheffer said. "We are disappointed in the decision."

Analysts, on average, expect the diversified conglomerate to report first-quarter profit of 44 cents per share, according to Reuters Estimates.

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