NEW YORK (Reuters) - General Electric Co’s (GE.N) incoming chief executive said on Friday he will update the company’s 2018 earnings forecast in November, after a comprehensive review of the industrial company’s businesses.
John Flannery, who takes over from CEO Jeff Immelt on Aug. 1, will update targets that currently include earning $2 a share in 2018.
GE is “in the middle of a series of deep dives into the businesses,” Flannery said on a conference call with analysts. “We also are taking a hard look at our corporate spending” to ensure it contributes to earnings.
The maker of power plants, jet engines, medical scanners and other industrial equipment said profit fell nearly 60 percent in the second quarter, and sales declined, largely due to the sale of its appliances business.
It affirmed its full-year forecast for cash flow, profit, revenue and operating margin.
Reporting by Alwyn Scott; Editing by Bernadette Baum