UPDATE 2-GE CEO expects cash flow to turn positive in H2 of 2020, shares surge [Reuters]
GE Aerospace (GE)
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Source: Reuters
General Electric expects cash flow to turn positive in second-half of 2020: CEO By Reuters Staff 1 Min Read (Reuters) - General Electric Co GE.N expects free cash flow to turn positive in the second half of 2020, Chief Executive Officer Larry Culp said at a Morgan Stanley Laguna Conference on Wednesday. Shares of the company, which have fallen about 45.4% so far this year, were last trading up 10.7% at $6.75 in afternoon trade. “We will deliver positive cash flow in the back half,” Culp said. The Boston-based industrial conglomerate reported cash outflow of $2.1 billion from industrial operations in the second quarter as the coronavirus pandemic pummeled demand in its aviation business. Analysts expect GE third-quarter cash outflow to be about $656 million and cash inflow of about $1.17 billion in the fourth quarter, according to Refinitiv data. Culp said the company’s performance in the second half of the year will set the stage for a positive cash flow in 2021 as well.
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