General Electric said its finance chief, Jamie Miller, is leaving the company and reported a second-quarter loss and flat sales but raised its full-year financial projections
By Thomas Gryta Updated July 31, 2019 7:23 am ET General Electric Co. GE 1.35% reported a second-quarter loss and flat sales, but said it was making progress in restructuring its long-struggling Power division and raised its full-year financial projections.
The conglomerate now expects adjusted cash flow for 2019 ranging from negative $1 billion to positive $1 billion, an improvement from previous guidance of negative cash flow of as much as $2 billion from its core industrial operations. “We made steady progress on our strategic priorities,” said CEO Larry Culp said in a news release. He stepped into the top job 10 months ago with a focus on the company’s Power division and cutting GE’s massive debt load. “We will continue to take planned actions to improve our businesses and monitor some market headwinds,” he said.
GE booked a $744 million pretax impairment charge to move some assets from its electrical-grid division into its renewable-energy division. Excluding that charge and including a 6-cent a share benefit from resolving a tax audit, GE said its adjusted earnings were 17 cents a share, ahead of an analyst projection of 12 cents a share, according to Refinitiv.
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