News Formal

GE shares drop after giving 2019 earnings forecast lower than Wall Street estimates

  • 📰 CNBC
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 72%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

General Electric gave shareholders an updated earnings forecast on Thursday.

General Electric told shareholders on Thursday that the embattled conglomerate expects 2019 earnings to be below what analysts anticipated.

div > div.group > p:first-child"> GE expects 2019 adjusted earnings to be between 50 cents and 60 cents a share, below the 70 cents a share Wall Street expected according to Refintiv."We have work to do in 2019, but we expect 2020 and 2021 performance to be significantly better," Culp said in a statement.Culp told investors on Mar. 3 that GE's industrial free cash flow"in 2019 will be negative.

With the company's power business expected to continue to struggle, Culp is working on turning around GE's fortunes. He remains focused on improving the company's cash generation, as well as cutting costs.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Boeing's market value has plunged by $40 billion from its 2019 peakBoeing's market cap has dropped almost $40 billion from its 2019 peak. Wall Street remains bullish on the company.
Source: BusinessInsider - 🏆 729. / 51 Read more »