EnergyWatch

GE tumbles most in three months as power-unit woes sap 2019 cash

General Electric Co.'s new boss warned of additional cash problems at the ailing company, eroding confidence in a nascent turnaround and sending the shares tumbling.

Photo: /ritzau/AP/Thibault Camus

Cash flow from GE's industrial operations will be negative this year as GE grapples with further challenges in its power business and other operational pressures, Chief Executive Officer Larry Culp said Tuesday at an industry conference. That is a sharp drop from 2018, when the maker of gas turbines and jet engines brought in USD 4.5 billion by the closely watched measure.

"We think this is a transformation in the making, but we need to pay the piper," he said. GE is taking steps now to "manage though a challenging time, with an eye toward '20 and '21."

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