General Electric slashes quarterly dividend
Nov 14, 2017-
General Electric Co said on Monday it would chop its quarterly dividend in half, as part of an overhaul of the company that new Chief Executive John Flannery is due to roll out later in the day. GE said it would cut the dividend to 12 cents per share from 24 cents, starting in December. This is the third time in its 125-year history that GE has cut its dividend. The other two cuts came during the Great Depression and the 2009 financial crisis. The move, widely expected after GE’s cash flow deteriorated this year, is expected to save about $4 billion in cash annually. GE’s shares were up 2.3 percent at $20.96 in premarket trading. The stock is the worst performing Dow component this year, down 35 percent.
Published: 14-11-2017 09:19