GE slashes its dividend to a penny, says it’s reorganizing its struggling power business (GE)
|10/30/2018||Posted by BusinessMediaguide.Com under General World News||
General Electric on Tuesday announced third-quarter results that fell short of Wall Street estimates and said it was cutting its dividend and restructructuring its struggling power business. Shares were up less than 1% following the news.
The globally diversified technology and financial services company reported adjusted earnings of $0.14 a share on revenue of $29.57 billion, missing the $0.20 and $30.25 billion that analysts surveyed by Bloomberg were expecting.
GE said that it would slash its dividend to $0.01 a share — from $0.12 — saving it approximately $3.9 billion of cash per year. The company will also take a read more >>>