General Electric Co sold more investors on its turnaround story on Wednesday, se...
) sold more investors on its turnaround story on Wednesday, sending shares 10% higher on its quarterly profit and cash results that beat forecasts, and its bullish cash target for 2020.
“It’s still in a turnaround, but with each quarter of solid results, more people are getting on board with the turnaround story,” said RBC Capital Markets analyst Deane Dray.GE on Wednesday also said it would slash 737 MAX engine deliveries to Boeing Co roughly in half this year. But it still set a higher cash target for 2020 of $2 billion to $4 billion - above the $3 billion analysts expect on average.
Boeing plans on the jet going back in service at airlines in the second half of 2020, and GE’s forecasts rest on that timing, Culp said. GE plans a deeper outlook discussion for March 4. Free cash flow from industrial operations was $3.9 billion in the fourth quarter, beating analysts estimates of $3.4 billion, according to Refinitiv data.
In GE’s power division, revenue fell 16% in the year and orders fell 25%, mainly due to the “non-repeat” of large orders last year, GE said.
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