General Electric (GE) reports lower than expected 2nd quarter free cash flow guidance

NYSE: GE | General Electric Company Common Stock News, Ratings, and Charts

GE – Shares of General Electric Co. fell in afternoon trade.

Shares of General Electric Co. GE, -0.58% fell 0.1% in afternoon trade, bucking a broader stock market rally, after the industrial conglomerate provided second-quarter free cash flow guidance that was much more negative than expected. Speaking at the Goldman Sachs Basic Materials Conference in New York, Chief Financial Officer Jamie Miller said adjusted free cash flow (FCF) for the current quarter through June is expected to be “negative $1 billion to negative $2 billion,” according to a transcript provided by FactSet. The FactSet FCF consensus is negative $623.7 million. In the first quarter, GE said industrial FCF was a positive $1.22 billion, while the two FCF estimates provided by FactSet ranged between negative $2.16 billion to negative $3.65 billion. The company said at the time, the FCF beatwas largely due to timing of orders. Miller said the guidance for the full year remains unchanged. GE’s stock has soared 41.7% year to date, while the Dow Jones Industrial Average DJIA, +0.45% has gained 10.2%.

General Electric Co. shares rose $0.02 (+0.19%) in after-hours trading Wednesday. Year-to-date, GE has gained 35.68%, versus a 14.56% rise in the benchmark S&P 500 index during the same period.

GE currently has a POWR Rating of C (Neutral), and is ranked #14 of 36 stocks in the Industrial – Manufacturing category.

This article is brought to you courtesy of MarketWatch.

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