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MarketScreener Homepage  >  Equities  >  Nyse  >  General Electric Company    GE

GENERAL ELECTRIC COMPANY

(GE)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe BZX - 01/26 07:02:22 am
11.66 USD   +6.10%
06:56aGE : 4Q Earnings Snapshot
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06:48aBIG TECH : In 2020, GE Redoubled Its Efforts To Build A World That Works
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06:30aGENERAL ELECTRIC : Ge announces fourth quarter and full year 2020 results
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GE Plans More Job Cuts in Aviation Division -- Update

11/24/2020 | 09:00am EST

By Thomas Gryta

General Electric Co. warned employees that more job cuts are coming to the conglomerate's jet-engine business because of the pandemic's impact on commercial air travel even with the promise of a vaccine on the horizon.

In an internal video message delivered a week before the Thanksgiving holiday, GE Aviation's new boss John Slattery said business conditions are difficult and the unit would need to shrink over the next 18 months, according to people familiar with the matter.

More jobs would be lost, he said, but the cuts would be more focused than two rounds of layoffs earlier this year that ultimately eliminated 25% of the division's 52,000 global employees. Mr. Slattery didn't disclose the number of jobs that would be cut in the video, which was reviewed by The Wall Street Journal.

"The business revenue and profit projections not only for this year but next year and the year after are fundamentally lower than what we originally budgeted or expected," Mr. Slattery said from the division's Ohio headquarters. A former executive at Brazilian plane maker Embraer SA, Mr. Slattery took over the GE division in September.

"Overall, particularly in our commercial sector, we'll be a smaller business and our cost structure simply must align," he told workers, noting that more details will come early next year.

A GE spokeswoman had no immediate comment.

Write to Thomas Gryta at thomas.gryta@wsj.com

(END) Dow Jones Newswires

11-24-20 0859ET

Stocks mentioned in the article
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EMBRAER S.A. -2.48% 8.66 End-of-day quote.-2.81%
GENERAL ELECTRIC COMPANY -1.08% 10.99 Delayed Quote.1.76%
THE ODP CORPORATION -0.06% 47.48 Delayed Quote.62.15%
All news about GENERAL ELECTRIC COMPANY
06:56aGE : 4Q Earnings Snapshot
AQ
06:48aBIG TECH : In 2020, GE Redoubled Its Efforts To Build A World That Works
PU
06:30aGENERAL ELECTRIC : Ge announces fourth quarter and full year 2020 results
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06:24aGENERAL ELECTRIC : 4Q 2020 Presentation
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06:24aGENERAL ELECTRIC : 4Q 2020 Press release
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More news
Financials (USD)
Sales 2020 79 365 M - -
Net income 2020 3 428 M - -
Net Debt 2020 15 097 M - -
P/E ratio 2020 32,9x
Yield 2020 0,36%
Capitalization 96 271 M 96 271 M -
EV / Sales 2020 1,40x
EV / Sales 2021 1,41x
Nbr of Employees 189 400
Free-Float 74,3%
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Technical analysis trends GENERAL ELECTRIC COMPANY
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 11,59 $
Last Close Price 10,99 $
Spread / Highest target 27,4%
Spread / Average Target 5,50%
Spread / Lowest Target -36,3%
EPS Revisions
Managers and Directors
NameTitle
H. Lawrence Culp Chairman & Chief Executive Officer
Carolina Dybeck-Happe Chief Financial Officer & Senior Vice President
Victor Abate Chief Technology Officer & Senior Vice President
James S. Tisch Independent Director
Francisco D'Souza Independent Director
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