General Electric Co raised its 2019 forecast on Wednesday amid a modest improvem...
) raised its 2019 forecast on Wednesday amid a modest improvement at some of its industrial units, but posted a net loss and stirred investor concerns, sending its shares lower.
GE appeared to cheer investors by saying it might generate as much $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. “The EPS increase of 5 cents ... is less than this quarter’s 6-cent tax benefit,” Gordon Haskett analyst John Inch said in a note, referring to a one-time GE booked in the quarter. The cash flow increase “appears to be heavily driven by ... reduced cash restructuring drag,” he added.GE’s adjusted industrial free cash flow was a negative $1 billion in the quarter.
Investors had been watching with alarm as GE’s cash generation failed to keep pace with earnings in recent years, raising concerns that GE’s actual financial performance was falling short of stated results. GE had been known to manage earnings, 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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