On Wednesday, the 8th of May 2019, Chief Executive of the American Multinational Conglomerate, General Electric Co., Larry Culp, said that the company would likely to witness weaker quarterly growth for the rest of 2019 after posting a surprise upsurge over the first quarter.
The 127-year-old General Electric Co., headquartered in Boston, had still been vying to recover from a rancorous loss of $23 billion last year, and Culp, who was named CEO on last October, had frequently urged the investors to keep patience over the turnaround period, that he had been expecting to last more than three years.
Besides, at his first annual meeting as the CEO of General Electric Co., Culp had been quoted saying that the company would be buffering its balance sheet throughout 2019, while he also added that the company’s cash flow and profit target would remain unchanged.
Blaming China tariff amid a brutal tit-for-tat trade war with US, GE CEO, Culp had said that the company had been draining hundreds of millions of dollars in increased costs due to higher tariffs on imports from China. In the wake of a distressful drift on US-China trade tension, which would likely to escalate over the upcoming quarters, GE CEO had been quoted saying that it had still been tough to reach a financial target of $2 billion cashflows for 2019, as the company had sold most of its capital business, which used to support its earnings growth last year and demands for its utilities business had dropped sharply following its shocking $23 billion of losses last year.