General Electric’s (NYSE: GE) annual shareholder meeting kicked off Wednesday and the industrial and financial giant said that it believes the broader economy has stabilized and that its business units are improving.
The meeting, being held in Houston has been given the theme “Renewal” as the company wants to underscore the improvement in the general business environment, along with its push to expand renewable energy and the benefits, such as job creation, that come with that initiative.
“The renewable energy industry in the U.S. can be a job creation engine but we need the right federal policies to rev up that engine,” said Vic Abate, vice president of GE’s Renewable Energy business.
The firm said that its GE Capital unit, which was hit hard by sour loans and credit card defaults last year, should return to profitability soon. With improvement in its finance arm and stabilized industrial businesses, GE expects earnings to remain flat this year with a return to growth in 2011.
GE has focused on reducing exposure from its finance arm while focusing more on its industrialized businesses, such as jet engines and renewable energy.
The firm is currently on its GE Wind Blade Tour, which stops in 7-cities over a 28-day period to push the benefits of wind energy.
