GE pulls forecast on coronavirus uncertainty, but backs first-quarter cash flow expectation [Toronto Globe and Mail (Ontario, Canada)]
General Electric Company (GE)
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Source: Toronto Globe and Mail
GE pulls forecast on coronavirus uncertainty, but backs first-quarter cash flow expectation General Electric Co pulled its full-year forecast on Thursday due to the uncertainties created by the coronavirus outbreak, but backed its first-quarter industrial free cash flow expectation of near negative $2 billion. Shares of the company, which reaffirmed its annual forecast just little over a month ago, rose as much as 3.2 per cent to $7.54 in morning trading. “With net proceeds of about $20 billion from the BioPharma transaction now in hand, we have more flexibility to de-risk and further strengthen our balance sheet,” Chief Executive Officer Larry Culp said in a statement. GE last month sold its biopharma business to Danaher Corp to focus on its core aviation and power businesses. The announcement comes days after customers Boeing Co and Airbus SE halt or lower production of jets as airlines cancel flights and layoff staff amid a virtual halt in travel caused by the pandemic. The Boston-
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