If GE CEO Larry Culp can keep the U.S. conglomerate on a stable path, with fewer one-offs and write-downs, he’ll be its best chief in decades, says johnsfoley.
General Electric said on Oct. 30 revenue for the third quarter hadn’t grown from the same period a year earlier, but raised its full-year target for generating cash from its industrial businesses for the second time in 2019.
The U.S. conglomerate expects to make up to $2 billion in free cash flow from its industrial businesses in 2019, compared with its earlier forecast of somewhere between negative $1 billion and positive $1 billion. GE’s industrial revenue increased 7% to $21.5 billion after stripping out currency moves and the effect of selling businesses. Chief Executive Larry Culp has been divesting divisions including railway equipment and the company’s stake in oil-services company Baker Hughes.
Earnings per share of $0.15, adjusted for one-offs like goodwill impairments, beat analyst forecasts’ of $0.11 per share, according to Refinitiv. The sale of shares of Baker Hughes for $3 billion incurred an $8.7 billion pre-tax write-down, and left GE’s stake at 37%. The company also took a $1 billion charge relating to its insurance operations, and a $740 million impairment on its hydroelectric power segment.
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