General Electric Co. is pushing back its third-quarter earnings release to give the new boss more time to review the beleaguered manufacturer.
GE will report results on Oct. 30, after CEO Larry Culp wraps up “initial business reviews and site visits,” the company said on Oct. 12. GE earlier planned to report earnings on Oct. 25.
The unusual decision underscores the turbulence that has overtaken GE, which abruptly replaced CEO John Flannery last week and acknowledged that it wouldn’t meet its profit expectations this year.
GE is grappling with one of the worst crises in its 126-year history amid cash-flow shortfalls and a deep slump in the power-equipment business.
Culp plans to share his “initial observations” of the Boston-based company as it reports earnings, with a more detailed breakdown early next year, GE said.
By Richard Clough