GE sees profit 'materially below' but FCF 'near' prior expectations [MarketWatch]
General Electric Company (GE)
Last general electric company earnings: 4/30 04:02 pm
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Source: MarketWatch
General Electric Co. said Thursday it expects first-quarter adjusted earnings per share to be "materially below" guidance of 10 cents a share provided on March 4, as a result of the negative impacts of the COVID-19 pandemic. The FactSet EPS consensus is 10 cents. The industrial conglomerate said it expects free cash flow (FCF) is expected to be "near" previously provided guidance of negative $2 billion. The company said adjusted EPS deteriorated more than FCF because of non-cash and timing items in its aviation, renewable energy and GE Capital businesses. GE withdrew its 2020 financial guidance, citing uncertainty over the impact of the COVID-19 pandemic. The stock rose 1.4% in premarket 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," said Chief Executive Lawrence Culp. "We are committed to bringing down our leverage over time as we navigate this period of uncert
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