GE Raises 2019 Forecast as 2Q Earnings Beat Expectations Description video: Jul.31 — General Electric Co. raised its 2019 outlook and announced that Chief Financial Officer Jamie Miler will step down soon. Bloomberg Opinion columnist Brooke Sutherland has the details […]
GE Raises 2019 Forecast as 2Q Earnings Beat Expectations
Jul.31 — General Electric Co. raised its 2019 outlook and announced that Chief Financial Officer Jamie Miler will step down soon. Bloomberg Opinion columnist Brooke Sutherland has the details on \”Bloomberg Daybreak: Americas.\” Her opinions are her own.
General Electric upped its 2019 profit forecast
General Electric Sharply Raises 2019 Financial Expectations After Surprisingly Strong Q2 Results.
The company’s revenue amounted to $ 28.83 billion, which is lower than a year earlier, but above analysts’ forecasts, who expected a result of $ 28.68 billion. New profit forecast for this year is 65 cents per share.
«We made steady progress towards our strategic priorities in the second quarter. Our main growth has been sustained», – said GE Chairman and CEO Larry Culp.
GE Shares Up More Than 3% From Previous Close.
The company also raised its 2019 outlook for industrial free cash flow. Investors are closely monitoring the data segment because it shows how much money the company received after paying operating expenses and capital expenditures. Especially in the case of GE, industrial free cash flow is used as an indicator of efficiency.
The company announced that CEO Jamie Miller will step down as CFO. Miller has been with GE since 2008. She was named CFO in 2017 under the leadership of former CEO John Flannery, who was removed from her position last year..
GE’s energy business, which has long hampered profits, brought the company $ 117 million. However, its aviation unit suffered due to problems associated with the Boeing 737 MAX..
GE, which makes jet engine parts through a joint venture, said it received $ 600 million in cash outflows in the second quarter. The company does not exclude that in the second half of the year the outflow will be about $ 400 million per quarter.
Boeing said last week it could stop production of the plane, depending on how long it takes aviation regulators to determine safety..