Some interesting news from General Electric

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Still wonder if they pay any Federal Income Taxes - I know that their very profitible Medical Imaging division is now a wholly-owned Chinese corporation. They spun off their household appliance division in 2014.
From the Albany, NY Times Union:

GE CEO reports progress but 'much is still uncertain'
General Electric Co. surprised Wall Street on Tuesday with higher-than-expected adjusted profit of $1.7 billion, up 81 percent from a year ago as CEO Larry Culp Jr. continues to cut costs and improve operations at the Boston-based industrial conglomerate.

Traders pushed GE's shares up more than 2 percent in early trading as the stock hit $70, its highest peak in a month.

"We are improving delivery, price, and cost performance via lean and decentralization," CEO Larry Culp said in a statement. "Notwithstanding this progress, much is still uncertain about the external pressures companies are facing at this moment."

Decentralization?  You consider this to be a good move in this era of supply-chain problems?  Is Larry planning to retire soon?  Let the chips fall where they may, I am outta here.  I got mine...

Uncertainty remains for GE's Capital Region workforce, which includes GE's power plant and renewable energy businesses in Schenectady that GE is planning to spin off as a separate company known as GE Vernova.

Renewable energy business is not profitible?  What a surprise...  As GE Vernova tanks, it will be quietly rebranded as Vernova and people will forget the parent. More:

GE's renewable energy business, which is currently based in Paris but will be merged with GE Power before its planned 2024 spin-off, lost $419 million during the second quarter, forcing GE to cut back on its expectations for the unit for the rest of the year. Orders were down 3 percent.

Another GE division, another country's ownership. Thomas Edison is quietly sobbing in his grave.  More:

The company said that the expiration of the federal renewable energy tax credit and global inflation have caused uncertainty in the renewable energy market, which still carries high business risks.

"Tax credit" meaning subsidy paid for by us taxpayers. Booo fscking Hooo...  And it is not just a minor turndown or market "adjustment"  More:

Through the first half of the year, GE received orders for 564 wind turbines (including offshore wind turbines), about half the number it received through the first six months of 2021.

That is going to hurt.  Maybe those things don't work after all...
They also got burned on solar in 2013.
Their new business motto: Don't bother to innovate - that's passé.  Cannibalize.

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About this Entry

This page contains a single entry by DaveH published on July 27, 2022 6:50 PM.

Could not be happening to a nicer group of reptile overlords people was the previous entry in this blog.

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