General Electric (GE) to Fall Short of Prior 2018 Guidance, Takes ~$23B Impairment Charge
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With the CEO change, General Electric (NYSE: GE) said while GE’s businesses other than Power are generally performing consistently with previous guidance, due to weaker performance in the GE Power business, the Company will fall short of previously indicated guidance for free cash flow and EPS for 2018.
The company also said it expects to take a non-cash goodwill impairment charge related to the GE Power business. GE Power’s current goodwill balance is approximately $23 billion and the goodwill impairment charge is likely to constitute substantially all of this balance.
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