GE revealed on Tuesday worse-than-expected results and a $22 billion accounting writedown for its beleaguered power division. In a bid to fix GE's debt-riddled balance sheet, Culp announced the company will cut its quarterly dividend from 12 cents a share starting in 2019. By paying just a token dividend, GE ( GE ) will save about $3.9 billion of cash per year. Revenue tumbled 33% last quarter at GE Power due to "continued market and execution challenges." GE Power, which makes turbines for power plants, has been caught badly off guard by the shift away from coal and gas in favor of renewable energy.

Source: CNN October 30, 2018 10:56 UTC