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MarketScreener Homepage  >  Equities  >  Nyse  >  General Electric Company    GE

GENERAL ELECTRIC COMPANY

(GE)
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GE CEO says company needs to reduce debt 'thoughtfully and soon'

02/26/2019 | 06:52pm EST
The logo of US conglomerate General Electric is pictured at the company's site of its energy branch in Belfort

(Reuters) - General Electric Co has too much debt and needs to reduce it "thoughtfully and soon", Chief Executive Officer Lawrence Culp said in a letter to shareholders on Tuesday.

On Monday, the company said it would sell its biopharma business to Danaher Corp for $21.4 billion as the industrial conglomerate reduces its debt pile, which stood at $121 billion at the end of December.

Since taking over as CEO last year, Culp has taken a string of steps, including slashing the company's dividend to just a penny a share and selling assets at the 126-year-old, Boston-based conglomerate.

"We have more options available to us down the line to generate cash to help bring down our leverage, including our remaining interests in Baker Hughes and Wabtec Corporation and continued flexibility for our go-forward Healthcare business," Culp wrote in the letter https://www.ge.com/investor-relations/sites/default/files/GE_AR18_Letter.pdf.

General Electric has reduced its stake in oil-services firm Baker Hughes and will sell nearly half of its healthcare unit, the company said.

"We intend to maintain a disciplined financial policy, targeting a sustainable credit rating in the single-A range ... ultimately a dividend level in line with our peers," Culp said.

Culp made the power business one of his top priorities, reorganizing the division by separating gas-turbine business from units that make coal- and nuclear-fueled power plants, power grids and other equipment.

The company lost two-thirds of its market value in the last two years amid a series of operational and investment missteps.

"2019 will be a year of change for Power in particular," Culp added.

(Reporting by Uday Sampath and Ankur Banerjee in Bengaluru; Editing by Lisa Shumaker and Shinjini Ganguli)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -0.19% 1727.62 Delayed Quote.-1.24%
CHANGE INC. -0.15% 3380 End-of-day quote.-4.11%
CULP, INC. -1.04% 15.24 Delayed Quote.-2.96%
DANAHER CORPORATION 0.02% 236.75 Delayed Quote.6.55%
GENERAL ELECTRIC COMPANY -2.83% 11.33 Delayed Quote.7.96%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
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Financials (USD)
Sales 2020 79 276 M - -
Net income 2020 3 465 M - -
Net Debt 2020 15 155 M - -
P/E ratio 2020 33,8x
Yield 2020 0,35%
Capitalization 99 249 M 99 249 M -
EV / Sales 2020 1,44x
EV / Sales 2021 1,45x
Nbr of Employees 189 400
Free-Float 74,3%
Chart GENERAL ELECTRIC COMPANY
Duration : Period :
General Electric Company Technical Analysis Chart | GE | US3696041033 | MarketScreener
Technical analysis trends GENERAL ELECTRIC COMPANY
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 11,48 $
Last Close Price 11,33 $
Spread / Highest target 23,6%
Spread / Average Target 1,29%
Spread / Lowest Target -38,2%
EPS Revisions
Managers and Directors
NameTitle
H. Lawrence Culp Chairman & Chief Executive Officer
Carolina Dybeck-Happe Chief Financial Officer & Senior Vice President
Victor Abate Chief Technology Officer & Senior Vice President
James S. Tisch Independent Director
Francisco D'Souza Independent Director
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