General Electric Co tamped down enthusiasm about a quick recovery in its power-p...
NEW YORK - General Electric Co tamped down enthusiasm about a quick recovery in its power-plant unit on Wednesday, and an analyst said the company was not “telling the whole story” about purported market-share gains at its ailing power unit.
On Wednesday, GE said its power unit will need at least three years to halt its cash hemorrhage and restore its prior cash flow to double-digit cash margins. GE has said it expects to lose up to $2 billion in cash this year, mostly due to the power unit. The McCoy tally counted three orders GE already booked last year, Tusa noted. Excluding those, GE booked just three advanced class orders in the quarter, including one from GE Capital, its own finance arm, Tusa noted. MHPS booked five orders and Siemens booked four, according to McCoy.“GE’s 4.5 gigawatt order number has generated a buzz across a Street consensus hungry for positive data points,” Tusa wrote, noting GE has historically commanded 50% market share.
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