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GE CEO sees no profit growth at power unit this year

GE CEO sees no profit growth at power unit this year
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NEWYORK (Reuters) – General Electric Co <GE.N> Chief Executive John Flannery said he is planning for the market for heavy duty gas power turbines to remain weak through 2020, and sees no profit growth at the large GE power business this year, according to a presentation he was due to make on Wednesday.

Flannery affirmed GE’s targets for 2018 profit and free cash flow, and said profit at GE’s Baker Hughes oil and gas unit would rise by 50 percent or more this year, while profit at the aviation business would be up 15 percent, according the presentation, which was posted on GE’s website.

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