General Electric May Not Be Able to Reach the Profit Goal Set Out By Its Activist Investor
General Electric (GE) - Get General Electric Company Report will have to stretch to make a profit of $2 per share next year like activist investment firm Trian Management wants, CEO Jefferey Immelt said at the Electrical Products Group in Florida on Wednesday.
Tough headwinds in equipment pricing and a volatile energy market are the biggest obstacles GE has to face Immelt said. "We have to underwrite 2018 assuming that the resource markets don't get better," he said. Trian owns nearly 1% of General Electric, and has been vocal about the performance of Immelt.
GE shares closed trading down 1.59% to $27.83 Wednesday and the stock is down more than 12% year to date.
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Editor's note: story has been updated since it was published at 1:06 pm EST.
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