General Electric Co raised its 2019 forecast on Wednesday, but disclosed more th...
) raised its 2019 forecast on Wednesday, but disclosed more than $1 billion in potential costs from Boeing’s grounded 737 MAX jetliner, puncturing an early share rally.
GE appeared to cheer investors by saying it might generate as much as $1 billion in free cash flow this year, compared with a potential outflow of $2 billion that it forecast in May. GE also raised its profit outlook by 5 cents a share. GE also received a tax benefit worth 6 cents a share, that more than accounted for its increased profit forecast.
The MAX could cost GE $1.4 billion in cash if the plane remains grounded all year, as now appears possible, GE said. Investors have watched GE’s cash generation as it has failed to keep pace with earnings in recent years, raising concerns that GE’s actual financial performance was falling short of stated results. But in May Culp said he would focus on generating cash and let earnings be “almost like a byproduct,” Dray said.
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