BOSTON (AP) — General Electric slashed its results in half as investors gathering about Boston, where Chairman and PRESIDENT John Flannery is expected to design a significant retooling of the U. H. conglomerate.
GE’s quarterly dividend advised cut to 12 cents each share, from 24 cents, is now next month, the company said Monday.
Flannery says cost-cutting maneuver is the main measures GE will undertake to really make the company simpler and stronger. Fundamental Electric Co. is expected to publicize further plans, including a potential reshaping of the company’s health, aviation, gentle and transportation units.
Last month Flannery, who became CEO in August, told me GE would shed business units sincerely worth more than $20 billion over the next season or two. It has been paring businesses in support of well over a decade now.
After declaring disappointing third-quarter results in October, Flannery said that aside from the exit from distinct businesses, GE was planning greatest cost cuts across the board. The company offers surpassed its goal of clipping out $1 billion in industrial costs in summer 2012. It plans more than $2 billion dollars in cuts next year, double the main target, to go with at least $20 tera- in divestments over the next year or maybe more, the executive said.
Shares along with General Electric Co. rise two . 2 percent to $20. 94 in premarket trading.