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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| GE Aerospace | NYSE:GE | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -1.93 | -1.19% | 159.89 | 163.2999 | 158.82 | 162.57 | 4,776,319 | 00:47:28 |
From May 2019 to May 2024
By Thomas Gryta
General Electric Co. boss John Flannery warned investors Wednesday that the company's big power business faces years of pressure and reminded them that major changes at the conglomerate will take some time.
"This is not going to be a quick fix," the CEO said in a presentation at the Electric Products Group conference where he highlighted that GE expects flat profits in power business this year and weak demand for turbines in 2019 and 2020. The business is GE's biggest in terms of revenue and has been a drag on results.
Mr. Flannery made it clear that he continues to consider options for the portfolio of businesses but much of his message was a reiteration of prior declarations to simplify, shrink the financial business and focus on cash generation. The comments disappointed Wall Street, which pushed GE's shares down 6% in afternoon trading to $14.36.
(END) Dow Jones Newswires
May 23, 2018 13:55 ET (17:55 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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