TARRYTOWN, N.Y.: General Electric Co Chief Executive Larry Culp said on Wednesday the company will likely have weaker quarters in the rest of the year after a surprisingly"good start" in the first quarter.
GE's results"will balance out" through 2019 and its forecast is unchanged, Culp said at the company's annual meeting.Shareholders elected GE's slate of directors and all management proposals passed, company officials said at the meeting."It's still tough to say that out loud," Culp said, referring to the US$2 billion number."But that's the reality.
Before the meeting, Chief Financial Officer Jamie Miller told reporters that one of the biggest changes under Culp is that GE is focusing on operations in quarterly reviews of its business.In the past, such reviews were more"high level" and focused on the financial results first and operations second, she said, noting she and Culp met with aviation on Monday, healthcare on Tuesday and plan to meet with the power business in about two weeks.