General Electric Co said on Thursday that 2019 would be a difficult, 'reset...
- General Electric Co said on Thursday that 2019 would be a difficult, “reset” year, but promised a better performance in terms of earnings from 2020 and beyond, sending shares higher.
The U.S. industrial conglomerate said adjusted earnings would fall below analyst estimates of 70 cents a share, and that it could lose as much as $2 billion in cash from its industrial businesses, putting a number on a warning it issued last week. Chief Executive Officer Larry Culp said GE will invest $2.5 billion in restructuring that will yield returns after 2019.The company did not note any effect on its jet engine division from the global grounding of Boeing Co 737 MAX aircraft, following the crash of an Ethiopian Airlines flight on Sunday that cost 157 lives.
Culp reiterated his priorities of trimming debt and improving the performance of GE’s industrial businesses, especially the ailing power-plant division.
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