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GE CFO Carolina Dybeck Happe cautioned late Thursday that supply chain disruptions could trim the industrial group's cashflow forecasts.
General Electric (GE) - Get General Electric Company Report shares slumped lower in pre-market trading after the industrial group cautioned that ongoing supply chain disruptions could trim its closely-tracked cashflow forecasts.
GE CFO Carolina Dybeck Happe said supply chain disruptions have extended into the back half of the year, affecting everything from labor to parts and materials, making it difficult to deliver products to customers. Some orders and now being pushed into the fourth quarter, Dybeck Happe said, putting pressure on current quarter cash flows.
Scenes from Hampton at Stockbridge football on Sept. 16, 2022. (Photos: Anfernee Patterson) Click for more.
Speaking at the Morgan Stanley Laguna conference Thursday, Dybeck Happe nonetheless said third quarter cash flows will likely be in-line, or slightly better, than the Q2 tally of $162 million, adding that the group expects solid organic growth in both its aerospace and healthcare divisions over the final three months of the year.
General Electric shares were marked 4% lower in pre-market trading to indicate an opening bell price of $66.19 each.
Earlier this summer, GE confirmed its 2022 forecasts, which it first published in January, saying it expects adjusted earnings at the lower end of a $2.80 to $3.50 per share range.
The group also trimmed around $1 billion from its free cash flow forecast, taking the unofficial figure to between $4.5 billion to $5.5 billion.
The industrial conglomerate is also moving ahead with its historic $2.5 billion plans to split into three separate companies, focused on aviation, healthcare and power.
GE Vernova will be the name of its power and renewables division, which will also include energy financial services. The division will be run by Scott Strazik and likely spun-out into the public markets through a tax-free deal in 2024.
GE Healthcare will be the formal name of the third business unit, with plans for a Nasdaq Global Select Market listing under the ticker symbol GEHC in early 2023.
GE's benchmark aviation unit, which the company said will run by CEO Larry Culp will be named GE Aerospace.
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This is the first article,I read that mention the fact that Herbert (Magic)Williams was a character that Sam once leaped into.
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