GE to ‘reset’ this year, start turning around over the next two years

General Electric Co. indicated it will tank this year, with cash flow and its struggling power business the main drags, but looks to starting turning around next year and start winning in 2021.

New York Knicks and New York Giants fans may be able to relate.

GE investors appeared to embrace the company’s approach, as the stock bounced sharply, and extended gains as Chief Executive Larry Culp began speaking on a conference call.

“2019 is a reset year…2020 and 2021 will be meaningfully better.”

GE statement in GE Outlook presentation

The company GE, +2.79% said in an investor update that it expects 2019 adjusted earnings per share of 50 to 60 cents, down from 65 cents in 2018, and below the FactSet consensus of 70 cents.

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