General Electric slashes quarterly dividend to a penny a share, starting 2019 [CNBC]
GE Aerospace (GE)
Last ge aerospace earnings: 4/30 04:02 pm
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Source: CNBC
show chapters General Electric slashed its quarterly dividend Tuesday to just a penny a share starting in 2019, the second dividend cut in a year and a dramatic move by new Chairman and CEO Larry Culp to free up cash for the beleaguered blue chip once treasured by its longtime shareholders for its hefty payout. The dividend cut came as GE reported adjusted third-quarter earnings of 14 cents a share, 6 cents below Wall Street forecasts collected by Refinitiv. Revenue for the quarter fell 4 percent to $29.57 billion, also less than expected. On a GAAP basis, the company lost $2.63 a share in the quarter. The company also said it will divide the power business into two units and that it took a $22 billion noncash charge in the third-quarter related to its ailing power business. This was GE's first earnings report under Culp . He said in a statement the results were far from our full potential and called for a heightened sense of urgency and incr
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