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MarketScreener Homepage  >  Equities  >  Nyse  >  General Electric Company    GE

GENERAL ELECTRIC COMPANY

(GE)
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GE Plans More Job Cuts in Aviation Division -- Update

11/24/2020 | 09:00am EST

By Thomas Gryta

General Electric Co. warned employees that more job cuts are coming to the conglomerate's jet-engine business because of the pandemic's impact on commercial air travel even with the promise of a vaccine on the horizon.

In an internal video message delivered a week before the Thanksgiving holiday, GE Aviation's new boss John Slattery said business conditions are difficult and the unit would need to shrink over the next 18 months, according to people familiar with the matter.

More jobs would be lost, he said, but the cuts would be more focused than two rounds of layoffs earlier this year that ultimately eliminated 25% of the division's 52,000 global employees. Mr. Slattery didn't disclose the number of jobs that would be cut in the video, which was reviewed by The Wall Street Journal.

"The business revenue and profit projections not only for this year but next year and the year after are fundamentally lower than what we originally budgeted or expected," Mr. Slattery said from the division's Ohio headquarters. A former executive at Brazilian plane maker Embraer SA, Mr. Slattery took over the GE division in September.

"Overall, particularly in our commercial sector, we'll be a smaller business and our cost structure simply must align," he told workers, noting that more details will come early next year.

A GE spokeswoman had no immediate comment.

Write to Thomas Gryta at thomas.gryta@wsj.com

(END) Dow Jones Newswires

11-24-20 0859ET

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EMBRAER S.A. -2.48% 8.66 End-of-day quote.-2.81%
GENERAL ELECTRIC COMPANY 0.36% 11.11 Delayed Quote.2.87%
THE ODP CORPORATION 2.30% 47.51 Delayed Quote.58.50%
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Financials (USD)
Sales 2020 79 365 M - -
Net income 2020 3 542 M - -
Net Debt 2020 15 097 M - -
P/E ratio 2020 33,2x
Yield 2020 0,36%
Capitalization 97 322 M 97 322 M -
EV / Sales 2020 1,42x
EV / Sales 2021 1,43x
Nbr of Employees 189 400
Free-Float 74,3%
Chart GENERAL ELECTRIC COMPANY
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General Electric Company Technical Analysis Chart | GE | US3696041033 | MarketScreener
Technical analysis trends GENERAL ELECTRIC COMPANY
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 11,59 $
Last Close Price 11,11 $
Spread / Highest target 26,0%
Spread / Average Target 4,36%
Spread / Lowest Target -37,0%
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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