UPDATE 6-GE warns of more pain ahead as pandemic deals $1 bln cash hit [Reuters (UK)]
General Electric Company (GE)
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Source: Reuters
GE warns of more pain ahead as pandemic deals $1 billion cash hit - Reuters 4 Min Read (Reuters) - General Electric Co ( GE.N ) said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months. Among many changes in response to the novel coronavirus, the Boston-based conglomerate said it had cut 700 workers and 1,300 contractors at its power division, was bracing for repossession of some aircraft by its GECAS leasing unit and was cutting capital spending by 25% this year. Chief Executive Larry Culp declined to be drawn in on when cash flow might recover, and said some of the $2 billion in cost cutting the company was undertaking to deal with the economic effect of the coronavirus could be permanent. “We’ve been hit hard and fast ... in some of our most important, highest-margin businesses, be it aviation, and servi
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- 12/3/25 - Form 4
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