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GE takes $4.2 billion charge, restates earnings

Reuters  |  NEW YORK 

By Alwyn ScottNEW YORK (Reuters) - General Electric Co said on Friday it will take a charge of $4.24 billion in the first quarter and reduce earnings over the last two years by 30 cents a share, figures in line with expectations the company set earlier this year when it said it would comply with new accounting standards.The maker of power plants, jet engines, medical devices and other industrial goods had estimated the after-tax, non-cash impact would be about $4.2 billion, plus reduced earnings for 2016 and 2017 of about 29 cents a share. The changes do not affect GE's cash flow or its ...

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First Published: Sat, April 14 2018. 03:17 IST