Supply chain challenges led General Electric to miss Wall Street’s expectations for the fourth quarter, in a setback for chief executive Larry Culp’s plan to split the industrial conglomerate into three companies.
GE’s revenue for the final three months of 2021 fell 3 per cent to $20.3bn, compared with a consensus forecast of $21.5bn from analysts polled by Refinitiv.
Its shares dropped 6.8 per cent in morning trading on Tuesday, to levels last seen almost a year ago, before it announced a split designed to unlock value for investors. Culp plans to break up the conglomerate into three public companies focused on healthcare, energy and aviation.
GE’s revenue for the final three months of 2021 fell 3 per cent to $20.3bn, compared with a consensus forecast of $21.5bn from analysts polled by Refinitiv.
Its shares dropped 6.8 per cent in morning trading on Tuesday, to levels last seen almost a year ago, before it announced a split designed to unlock value for investors. Culp plans to break up the conglomerate into three public companies focused on healthcare, energy and aviation.