GE posts $10 billion loss, sales drop as power weakens [Reuters]
GE Aerospace (GE)
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Source: Reuters
GE posts $10 billion loss, sales drop as power weakens | Reuters 3 Min Read (Reuters) - General Electric Co ( GE.N ) forecast further weakening of its troubled power business on Wednesday as it reported a $10 billion loss and a 5-percent fall in revenue in the fourth quarter, driven by previously-announced charges for insurance losses and taxes. While the results contained no new sizeable charges, they threw into stark relief how far the U.S. industrial conglomerate had veered from its outlook less than a year ago, when former Chief Executive Jeff Immelt predicted that sales would rise as much as 5 percent in 2017 and margins would expand by a full percentage point. In fact, GE said, sales fell 1 percent to $122.1 billion in 2017 and operating profit margins contracted by 5.7 percentage points to 5.7 percent. The results also indicated that GE’s painful turnaround, which has sent its stock down 43 percent over the last year as investors fled, likely has more months to run. Shares we
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