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

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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.

 

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