Hints and tips:
...Peltz secured a board seat for his son-in-law, and then in October 2018 got Immelt’s successor John Flannery replaced by CEO Larry Culp....
...The board also gave Culp an “inducement award,” a large stock grant of up to 7.5mn GE shares that would vest in three tranches of 2.5mn shares each, but only if certain stock price targets were met and he...
...on Wall Street in lunchtime trading today: General Electric was the best performer in the S&P 500, up 6.8 per cent, after the conglomerate reaffirmed its 2023 earnings outlook and chief executive Larry Culp...
...adjusted earnings per share would fall between $2.80 and $3.50 a share....
...The conglomerate, which is gearing up for a three-way split, said it expects adjusted earnings to fall between $2.40 and $2.80 a share, down from previous forecasts of $2.80 to $3.50 a share....
...In 2021 he earned a salary of $2.5mn and an annual cash bonus of $4.2mn for a year in which he announced a plan to break GE into three separate public companies....
...Shares in GE fell 10 per cent to $80.71 in morning trading in New York after chief executive Larry Culp detailed a series of “macro headwinds” putting pressure on revenues, as the 130-year-old group prepares...
...GE swung to a net loss of $3.9bn or $3.55 a share in the fourth quarter, compared with net income of $2.4bn or $2.20 a share a year earlier....
...Over the past decade GE failed to return 2 per cent annually, while markets soared at an over 16 per cent annual average....
...General Electric reported a drop in fourth-quarter revenues in a setback for chief executive Larry Culp as he readies to split the industrial conglomerate into three companies....
...Activist hedge fund Trian Partners built a $2.5bn stake in GE in 2015, its largest position at the time, and Ed Garden, the firm’s chief investment officer, was nominated to the board in October 2017....
...GE shares were up 2 per cent on Tuesday, extending their advance this year to more than 20 per cent....
...The company, which faces shareholder unrest over Culp’s pay package, reiterated its forecast for full-year adjusted earnings of between 15 cents and 25 cents a share and free cash flow of between $2.5bn...
...GE has not released details of its executives’ 2020 compensation but in 2019 Mr Culp earned a base salary of $2.5m, a $5.6m annual bonus and a grant of performance share awards that were valued at the time...
...group boosted its outlook for full year industrial cash flow, which is seen as a sign of its financial health and ability to pay down debts, to a range of $3.5bn to $5bn, up from its previous outlook of $2.5bn...
...The company, which faces shareholder unrest over Culp’s pay package, reiterated its forecast for full year adjusted earnings of between 15 to 25 cents a share and free cash flow of between $2.5bn to $4.5bn...
...Eagerly pursuing acquisitions, GE spent $2.3bn on M&A advice alone as it built a sprawling empire spanning jet engines to refrigerators....
...And I would say that Larry Culp, the CEO, has signed off on this strategy. He’s not the first CEO to identify the problem....
...The combined company’s 2,000 jets would represent 7 per cent of the world’s commercial fleet, according to analysts at Jefferies....
...Total external revenue was up 2 per cent at £709m in the first quarter, the broadcaster announced....
...A lot of the big funds built their stakes when the stock was about ¥2,400 a share, but it’s almost doubled since....
...The group’s industrial free cash flow, which reached $514m in the third quarter, would be at least $2.5bn in the fourth quarter and positive in 2021, Mr Culp predicted....
...I cheer for Larry [Culp, CEO since 2018] and I want GE to continue to do well.” He also supported the $46.5m bonus Culp could collect after GE’s stock rallied from its mid-pandemic low....
...Gross transaction value jumped 64.3 per cent to £4.1bn in 2020 from £2.5bn the year before, the company said....
...KPN sits at €2.77 as of Tuesday’s close....
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