General Electric Co. (GE) has fallen on some hard times.
GE may be looking at another dividend cut in the near future.
This scoop comes after GE confirmed that it's merging with Wabtec Corp. ( WAB) on Monday, May 21.
SCOOP: @generalelectric $GE insiders say further dividend cut or elimination possible as CEO [John] Flannery scrambles to reduce costs; Flannery coming up on the 1-year anniversary as CEO still short of $20b cost cut goal despite today transportation deal more now @FoxBusiness— Charles Gasparino (@CGasparino) May 21, 2018
The last dividend was announced in November 2017. TheStreet reported that GE had previously lowered the dividend only twice in its history, once during the Great Depression in 1938 and again in 2009 as then-CEO Jeff Immelt shored up the company's cash buffers amid the global financial crisis. That quarterly reduction, to 10 cents from 31 cents, saved about $9 billion a year, GE said at the time.
Gasparino tweeted at TheStreet's Brian Sozzi, clarifying that GE had not directly denied his reported scoop.
In after-market trading, GE stocks were up 0.4%.