News Release from GE Renewable Energy


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Outlook 2020: GE CEO Says Company Remains Focused On Accelerating Multiyear Transformation

On an outlook call with analysts and investors yesterday, GE Chairman and CEO H. Lawrence Culp Jr. laid out plans to solidify the company’s finances, further strengthen its businesses, and deliver long-term profitable growth.

Image: GE Renewable EnergyImage: GE Renewable Energy

“We entered this year with momentum, having diligently addressed our most pressing issues and reset our foundation in 2019,” Culp told the group. “While there’s more work ahead, I am confident in our ability to execute, given the strengths of GE’s team, technology, and global reach and capabilities.”

The 2020 outlook projects GE industrial organic revenues to grow by low single digits and adjusted industrial profit margin to expand organically by up to 75 basis points. The company expects adjusted earnings per share of $0.50 to $0.60 and industrial free cash flow of $2 billion to $4 billion at year’s end.

GE also continues to target an industrial net-debt-to-EBITDA ratio of less than 2.5, as well as a debt-to-equity ratio under 4 for GE Capital. These goals will help GE further reduce leverage and strengthen its balance sheet. “We’re operating from a position of strength,” Culp said. “Our mission-critical, global industrial businesses have a combined $405 billion backlog, and our leading technology and service capabilities put us in daily proximity with our customers with deep, strategic relationships.”

Culp also praised the more than 200,000 GE employees who enable a better quality of life for people around the world through greater access to electricity, more efficient transport, and more precise healthcare diagnosis and treatment. They “come to work every day, building a world that works. Because of them, we’re building a stronger and more focused company, and I’m more confident than ever in our future,” Culp said.

Culp noted that GE is closely monitoring the coronavirus outbreak as the circumstances evolve. While the 2020 outlook estimates the impact of the COVID-19 virus for the first quarter, Culp noted it is too soon to project its impact for the full year.

Also on the call were GE Vice Chair and GE Aviation CEO David Joyce, GE Gas Power CEO Scott Strazik, GE Power Portfolio CEO Russell Stokes, GE Renewable Energy CEO Jérôme Pécresse, GE Healthcare CEO Kieran Murphy and GE Capital CEO Alec Burger. They shared projections for each business to give investors a clearer view of the company’s expectations. Carolina Dybeck Happe also joined the call as she started her first week as GE’s senior vice president and chief financial officer.

You can find further details, including expected segment performance, on the investor relations website.

GE Renewable Energy
Press Office
GE Renewable Energy, CEO, transformation, outlook, 2020, company, work, strength, goal, EBITDA, quarter

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