(GE) Shares of General Electric fell more than 3% in premarket on Tuesday after CEO Larry Culp warned that the company’s results were moving towards the low end of the guidance range.
The disappointing outlook by GE reflected what the CEO described as “evolving pressures” and high inflation, although he affirmed the 2022 outlook range, including an EPS of $2.80 to $3.50. Culp also maintained a cash flow of $5.5 billion to $6.5 billion in the year.
The downbeat outlook came even as GE reported a net loss per share of $0.99 in the first quarter, narrower than a loss per share of $2.61 in the prior year.
GE’s revenues were reported at $17.04 billion, a decline of 0.2% but higher than estimates of $16.85 billion.
The company’s free cash flow was reported at -$880 million, down from -$3.36 billion in the prior year. The negative cash flow was worse than expectations of $816.5 million.
GE: NYSE is down 3.48%.
