REUTERS: General Electric Co forecast adjusted earnings of 50 cents to 60 cents per share in its 2019 outlook on Thursday, below analysts' expectations of around 70 cents as new Chief Executive Larry Culp plows ahead with asset sales and restructuring.
Shares of the company, hammered by tens of billions in write-offs over the past year and one of Wall Street's worst performing stocks, were down 3.2 percent at US$9.70 in premarket trading.The U.S. industrial conglomerate, which spooked investors last week by warning of a net cash outflow from its industrial businesses this year, said it expects adjusted industrial free cash flow of between negative US$2 billion and flat.
Last year, Culp slashed the company's dividend to just a penny per share. He also led the sale of the company's biopharma unit to Danaher Corp in February for US$21.4 billion, proceeds of which it will use to trim its debt of US$121 billion as of December.
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