FILE PHOTO: The General Electric logo is pictured on working helmets during a visit at the General Electric offshore wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western France, November 21, 2016. REUTERS/Stephane Mahe
May 27, 2021
CHICAGO (Reuters) – General Electric Co expects to burn less cash in the current quarter than it did a year earlier, continuing a year-on-year improvement in cash generation, Chief Financial Officer Carolina Dybeck Happe said on Thursday.
The industrial conglomerate expects to post a similar level of improvement in cash flow this quarter as it did a quarter ago, Dybeck Happe said at a Wolfe Research Transportation and Industrials Conference.
In the quarter through March, GE reported a $1.7 billion of improvement in cash flow from a year ago.
Analysts surveyed by Refinitiv, on average, expect the Boston-based company to report a cash outflow of $746 million in the current quarter, smaller than an outflow of $2.1 billion a year ago.
GE has forecast to generate $2.5 billion to $4.5 billion in free cash flow this year.
The company’s shares closed up 7.1% at $14.35.
(Reporting by Rajesh Kumar Singh; Editing by Leslie Adler and David Gregorio)
Source: One America News Network
