GE Reports Huge Loss in Q3

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GE released its third-quarter results for 2018, reporting a loss of $2.63 per share from continuing operations (GAAP). Adjusted earnings per share were $0.14 and adjusted industrial free cash flow was $1.1 billion. The company recorded a noncash goodwill impairment charge of $22 billion, before tax, related to GE Power.

The company also announced immediate actions to strengthen its balance sheet and position its businesses for success. First, GE plans to reduce its quarterly dividend from $0.12 to $0.01 per share beginning with the board’s next dividend declaration, which is expected to occur in December 2018. This change will allow GE to retain approximately $3.9 billion in cash per year, compared to the prior payout level. GE also intends to reorganize its GE... ... More: Official Press Release GE Renewable Energy

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GE, renewable energy, earnings, loss, adjustment