Insight - GE slumps as supply woes weigh on 2022 profit forecast

Tough times: A GE employee looks at a jack-up vessel assembling an offshore wind turbine in western France. GE Renewable Energy posted an operating loss of US$434mil (RM1.89bil) in the quarter as orders fell 21% and sales dropped 12%. — AFP

GENERAL Electric Co tumbled the most in the S&P 500 Index after saying it was trending toward the low end of its 2022 financial forecast, the latest setback in its struggles with supply-chain turmoil and spiking raw-material costs.

While the maker of jet engines and gas turbines maintained its 2022 guidance of adjusted earnings in the range of US$2.80 (RM12.20) to US$3.50 (RM15.26) a share, it cited new pressures including pandemic-related restrictions in China and the war in Ukraine.