General Electric announced to its shareholders on Thursday that from the conglomerate are expecting the earnings for 2019 to be below what analysts predicted as it continues to have some issues in its power business.
The company adjusted expectations for 2019 earnings are between $0.50 and $0.60 per share, below the $0.70 a share expected by Wall Street. This was the first outlook from the new Chairman and CEO of General Electric Larry Culp, who is on this position since last October.
"We have a lot work to get done in 2019, but the expectations are that 2020 and 2021 performance will be significantly better," Culp said in his statement. GE shares declined with more than 2% during the premarket trading from the closing price on Wednesday that was $10.02 a share.
Despite the company's power business, which is expected to keep struggling, Culp is trying to look at the company's fortunes. He remains focused on improving the cash generation and will try to cut the costs.
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