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General Electric CEO sets low 2019 profit targets, vows better from 2020

General Electric Co Chief Executive Larry Culp on Thursday set conservative profit targets for this year and staked his reputation on hitting them and doing better in 2020 and beyond, igniting a rally in the stock. Culp’s detailed pep talk, which drew praise from Wall Street analysts on a conference call, swiftly reversed an earlier rout in the stock as he stressed GE was serious about its targets after years of missing profit expectations.The forecast was low largely because GE will be spending $2.5 billion on restructuring this year, Culp said, adding the investment would pay off after a tough 2019.

News Source:- https://www.reuters.com/article/us-ge-outlook/ge-forecasts-2019-profit-below-estimates-shares-fall-idUSKCN1QV1IM