UPDATE 1-GE pulls 2020 outlook but reaffirms first-quarter cash flow expectation [Reuters (UK)]
General Electric Company (GE)
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Source: Reuters
GE pulls 2020 outlook but reaffirms first-quarter cash flow expectation - Reuters 1 Min Read (Reuters) - General Electric Co ( GE.N ) withdrew its full-year forecast on Thursday as it takes a hit from the coronavirus pandemic, but reaffirmed its first-quarter industrial free cash flow outlook of negative $2 billion. Shares of the Boston-based maker of jet engines, power plants and other industrial equipment rose 4% to $7.59 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 Lawrence Culp, chief executive officer. Last month, GE sold its biopharma business to Danaher Corp ( DHR.N ) as it focuses on its core aviation and power businesses. The company had earlier forecast first-quarter industrial free cash flow of about negative $2 billion. GE said its first-quarter adjusted earnings will now be materially below its prior expectations of about 10
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