GE Slashes Dividend, Takes $22 Billion Charge in 3Q - Energy Watch News

GE Slashes Dividend, Takes $22 Billion Charge in 3Q

General Electric slashed its quarterly dividend to a penny, from 12 cents per share. A large proportion of GE shares are held by individuals, who appeared to overlook that news early Tuesday in hopes that the worst may be behind the company. The reduced dividend will allow GE to keep about $3.9 billion in cash each year. The industrial conglomerate took a $22 billion charge in its power division and swung to a third-quarter loss that was bigger than most industry analysts had expected. The restructuring of the power business into two separate divisions will include a gas-focused division that combines its gas product and services groups. The second unit will include steam, grid solutions, nuclear and power conversion. GE this month ousted CEO John Flannery after only about a year on the job, replacing him with Larry Culp, a highly regarded executive who last led Danaher Corp.

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