GE Slips as Aviation Woes Show Much Remains on Culp’s To-Do List
Bloomberg
1 hr ago
Ryan Beene
(Bloomberg) -- General Electric Co. shareholders are getting a reality check from the company’s first-quarter results, a mixed showing that underscored the work ahead for Chief Executive Officer Larry Culp and his turnaround push.
Sales fell 12% to $17.1 billion, dragged down by the troubled jet-engine unit, GE said Tuesday. That trailed the $17.6 billion expected by Wall Street. Orders fell in aviation and two other manufacturing units and GE’s steady financial forecast made for a “negative contrast” with conglomerates that have raised their outlook, said John Inch, an analyst at Gordon Haskett.