General Electric reports Q3 loss of $22.8 billion, cuts dividend
6 years, 2 months ago

General Electric reports Q3 loss of $22.8 billion, cuts dividend

Live Mint  

New York: General Electric reported a third-quarter loss of $22.8 billion Tuesday following a large asset write-down and cut most of its dividend as it seeks a turn-around under a new chief executive. The loss compares with profits of $1.3 billion in the year-ago period and is due to a $22 billion write-down announced when GE tapped H. Lawrence Culp as chief executive earlier this month. GE, under former Chief Executive John Flannery, announced job cuts and a reorganization of the power business. “We are moving with speed to improve our financial position, starting with the actions announced today.” Shares of GE rose 1.2% to $11.22 in pre-market trading.

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GE to end its run as a conglomerate, split into 3 companies
3 years, 2 months ago

GE to end its run as a conglomerate, split into 3 companies

Associated Press  

General Electric, the storied American manufacturer that struggled under its own weight after growing to become a sprawling conglomerate, will divide itself into three public companies focused on aviation, health care and energy. “The strategic rationale is clear: three well-capitalized, industry leading public companies, each with deeper operational focus and accountability, greater strategic flexibility and tailored capital allocation decisions,” wrote …

GE earnings: Nearly $1 billion was wiped out by coronavirus
4 years, 8 months ago

GE earnings: Nearly $1 billion was wiped out by coronavirus

CNN  

New York CNN Business — General Electric’s turnaround has been disrupted by the coronavirus pandemic. The conglomerate said Wednesday it burned through $2.2 billion of cash during the first quarter as its jet engine business got slammed by a “rapid decline” in global commercial aviation orders in March. Yet GE’s industrial free cash flow burn rate nearly doubled during the …

GE’s stock has spiked 67% since its December low
5 years, 10 months ago

GE’s stock has spiked 67% since its December low

CNN  

New York CNN Business — The biggest comeback kid on Wall Street is 126 years old. “We are doing everything in our power to return GE to a position of strength,” Culp wrote in his inaugural annual shareholder letter on Wednesday. No fire sale Wall Street applauded GE’s decision to sell part — but not all — of its healthcare …

GE pays $1.5 billion to finally resolve subprime loan allegations
5 years, 11 months ago

GE pays $1.5 billion to finally resolve subprime loan allegations

CNN  

New York CNN Business — Wall Street is betting the worst may finally be over for General Electric. “It’s a start, but we have much more work to do.” Power problems linger GE Power, which makes turbines used in natural gas and coal power plants has been the company’s biggest problem for years. “Fixing power will take time,” Culp said, …

General Electric shakes up power unit leadership, taps retired executive to help
6 years, 1 month ago

General Electric shakes up power unit leadership, taps retired executive to help

Live Mint  

General Electric Co shook up its ailing power business again on Monday, naming a CEO for its new gas-power division and bringing a veteran GE executive back from retirement to help. Rice’s “knowledge of GE’s gas customers and management experience” will help him provide “mentorship” to the new gas power leaders and “position this business and the team for success,” …

General Electric seeks urgent asset sales as bond fears rise
6 years, 2 months ago

General Electric seeks urgent asset sales as bond fears rise

Live Mint  

New York: General Electric Co will sell assets with “urgency” to reduce its high debt, Chief Executive Officer Larry Culp said on Monday, as GE shares tumbled as much as 10 percent and the cost of insuring its debt hit a six-year high. “We have plenty of opportunity to do that through asset sales.” Culp said GE also was trying …

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