UPDATE 3-GE's CEO warns of negative industrial cash flow in 2019, shares drop [Reuters]
GE Aerospace (GE)
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Source: Reuters
General Electric CEO forecasts cash outflow; shares, bonds drop | Reuters 3 Min Read (Reuters) - General Electric Co’s chief executive surprised investors on Tuesday by forecasting a net cash outflow from the conglomerate’s industrial business this year, a far more negative outlook than he offered previously, sending shares and bonds down. “Industrial free cash flow will be (in) negative territory,” CEO Larry Culp said in a webcast interview with JPMorgan analyst Stephen Tusa, a longtime GE bear. “We lost $2.7 billion last year in free cash in power,” Culp added later in the interview, referring to expectations that GE’s power business would take years to turn around. “I don’t want to sugarcoat that in any way, shape or form.” “We’ll see that be a greater negative number in this year as we work through the restructuring, as we work through the runoff liabilities there and just the localization of timing around projects,” Culp said. GE’s shares swiftly dropped below $10, which marked t
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