GE: withdraws guidance for 2020 due to pandemic
(CercleFinance.com) - GE said on Thursday that it was "prudent" to withdraw its financial guidance for 2020, due to the extent of the COVID-19 pandemic.
The US conglomerate said it cannot forecast with "reasonable accuracy" the duration, magnitude, and pace of recovery across its end markets, operations and supply chains.
For the first quarter ended 31 March, GE said it expects adjusted EPS to be materially below its prior guidance of about 0.10 dollar, which it provided last month.
Results will include a number of non-cash and timing items in the aviation, renewable energy and GE Capital units, the group said.
GE also said that it expects industrial free cash flow to be near the prior guidance of about minus 2 billion dollars.
In its statement, the conglomerate pointed out that it has recently received net proceeds of about 20 billion dollars from the sale of its biopharma unit.
The share was up 2.7% in early morning trading on the New York Stock Exchange.
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