General Electric cuts dividends and divides its electricity unit

FILE PHOTO: The General Electric logo is pictured on the General Electric offshore wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western France, November 21, 2016. REUTERS/Stephane Mahe/File Photo

UNITED STATES (VOP TODAY NEWS) – US General Electric (GE.N: Quote, Profile, Research) cut its quarterly dividend to just one cent per share and said it would restructure its unit to two companies, at the start of its new chief executive, Larry Caleb.

GE’s results on Tuesday showed a loss of $ 22.8 billion in the third quarter, due to a write-off in the activities of its GE Power unit. The electricity unit lost $ 631 million in the third quarter.

“My priorities for the first 100 days of my position are to guide our activities to profitability, starting with Bauer, and accelerating debt reduction,” Cullb said in a statement.

“We are moving quickly to improve our financial position, beginning with the actions announced today. I look forward to revealing developments we have made in early 2019. ”

Overall, General Electric suffered a loss of $ 2.63 per share, compared with a profit of 16 cents a year ago, with revenues falling 4 percent to $ 29.6 billion. Adjusted earnings were 14 cents per share, down from 21 cents a share a year ago.

Analysts had expected a profit of 20 cents a share, a pause for Reventiv data.