GE pushes back Q3 earnings release to October 30
General Electric, the once-mighty conglomerate which weeks ago announced a new chief executive in a move meant to stem a two-year decline, has said it will move the date of its third-quarter earnings release to October 30.
The company postponed the release by a week "to allow GE Chairman and CEO Larry Culp to complete initial business reviews and site visits following his appointment on October 1," it said in a statement.
"The company will discuss the results for the third quarter ending September 30, 2018. Culp will share his initial observations, with more detail expected in early 2019."
H. Lawrence "Larry" Culp, 55, is GE's third CEO in 14 months following the ouster of John Flannery.
In announcing Culp's rise, the company, which was bumped from the prestigious Dow Jones Industrial Average in June, cited his history as chief executive of the industrial and healthcare conglomerate Danaher, where GE said he presided over a quintupling of market capitalization.
Culp was named to the GE board earlier this year.
GE's other bombshell was that it planned to write down effectively up to $23 billion in value from its troubled power business, the prime catalyst of its nosedive in stock market valuation.
© 2018 AFP