UPDATE 1-General Electric cuts dividend, splits loss-making power unit [Reuters (UK)]
GE Aerospace (GE)
Last ge aerospace earnings: 4/30 04:02 pm
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Source: Reuters
General Electric cuts dividend, splits loss-making power unit | Reuters 2 Min Read (Reuters) - General Electric Co ( GE.N ) slashed its quarterly dividend to just 1 cent per share and said it would split its power unit into two businesses as new Chief Executive Larry Culp took his first steps to revive the struggling conglomerate. GE reported a $22.8 billion loss for the third quarter on Tuesday, largely due to a writedown in the value of its GE Power business. The power business also lost $631 million in the quarter, GE said. “My priorities in my first 100 days are positioning our businesses to win, starting with Power, and accelerating deleveraging,” Culp said in the results statement. “We are moving with speed to improve our financial position, starting with the actions announced today. I look forward to updating you further on our progress in early 2019.” GE said it would separate its gas turbine and services business from other parts of the power business, a move that would eff
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