- General Electric Co’s chief executive surprised investors on Tuesday by forecasting a net cash outflow from the conglomerate’s industrial business this year, a far more negative outlook than he offered previously, sending shares and bonds down.
“We lost $2.7 billion last year in free cash in power,” Culp added later in the interview, referring to expectations that GE’s power business would take years to turn around. “I don’t want to sugarcoat that in any way, shape or form.” GE’s bonds also declined, with GE Capital bonds the hardest hit. A $2.25 billion issue at 4.5 percent coming due in March 2044 was down 1.65 percent.
Source: Energy Industry News (energyindustrynews.net)
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