GE Withdraws 2020 Guidance - Quick Facts

(RTTNews) - GE (GE) said, given the evolving nature of the COVID-19 pandemic, the company believes it is prudent to withdraw guidance for 2020. For the first quarter ended March 31, 2020, GE preliminarily expects adjusted earnings per share to be materially below its prior guidance of about $0.10, which the company had shared on March 4, 2020. GE preliminarily expects Industrial free cash flow to be near the prior guidance of about negative $2 billion.

GE CEO Lawrence Culp, Jr., said, "We are taking swift actions across the company to position GE to come out stronger on the other side of the COVID-19 crisis. With net proceeds of about $20 billion from the BioPharma transaction now in hand, we have more flexibility to de-risk and further strengthen our balance sheet."