REUTERS: General Electric Co said on Tuesday it generated more profit and lost less cash than expected in the first quarter, suggesting an improving outlook under its new leader that sent its shares up more than 5 percent.
Culp had set low earnings targets in March and warned that GE's industrial cash flow could be negative by as much as US$2 billion. GE's industrial free cash flow showed a"much smaller outflow than we expected," said Julian Mitchell, an analyst at Barclays, and"should drive a positive reaction in the stock."
Culp has said the 2019"reset" of GE would result in negative cash flow at its most-troubled business, power, through 2020 before turning positive in 2021. GE wrote down US$22 billion in goodwill at the unit last year.
Source: Energy Industry News (energyindustrynews.net)
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