The logo of U.S. conglomerate General Electric is seen on the company building in Belfort, France, October 19, 2019. REUTERS/Vincent Kessler
Shares of GE, which makes aircraft engines and power plants, fell as much as 3.6% to $7.03 after Culp also warned that the company’s 2020 free cash flow will be negative. The COVID-19 pandemic has brought air travel to a virtual standstill, hitting GE’s aviation business at a time when its power business was struggling with sluggish demand.
“Losing that much money adds meaningfully to GE’s elevated net leverage burden,” Gordon Haskett analyst John Inch said, adding that the magnitude of cash outflow at GE places it out of step with most of its industrial peers.
AP business FT This was once a major employer. They grew fast by making acquisitions, often paying too much for what they got. Each time they bought a company, the cut jobs. They've been a net cutter of jobs for 25 years. Elizabeth Warren will deal with this issue.
GE are the remnants of American superiority in electrical goods. This is not the case anymore. GE and Westinghouse are nothing but stinkers 💩 samsung rules the roost!
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