The collapse of global air travel has stopped General Electric Co's turnaround plan in its tracks and the company will have to convince investors on Wednesday that it is on course to reduce cash burn through the rest of 2020.
) turnaround plan in its tracks and the company will have to convince investors on Wednesday that it is on course to reduce cash burn through the rest of 2020.
Chief Executive Officer Larry Culp said in May the company would do better in the second half of 2020 while admitting that for the full year it would be in negative territory on cashflow. “COVID-19 overnight stalled GE’s turnaround,” said Nicholas Heymann, industrial analyst at brokers William Blair. Added to that, several large U.S. power plants with banks of GE generators are halting or deferring maintenance due to quarantines and lockdowns, threatening to squeeze revenue that the company was counting on to help lift profits.“Larry said a year ago he is managing the company for free cash flow,” said RBC Capital Markets Deane Dray, who forecasts free cash flow at a negative $3.8 billion for the quarter.
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