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GE does not rule out hitting $7 billion free cash flow target before 2023 - CEO

Reuters
·1-min read
FILE PHOTO: FILE PHOTO: General Electric Co. Chief Executive Officer Larry Culp at the company’s annual meeting in Tarrytown

CHICAGO (Reuters) - General Electric Co Chief Executive Larry Culp on Tuesday said the company would not rule out hitting a $7 billion free cash flow target before 2023.

The company earlier lifted its free cash flow forecast for the year after unexpectedly reporting positive cash flow in the second quarter.

Culp told Reuters in an interview that an improvement in the services business from the previous quarter has bolstered the outlook for the rest of the year.

Services account for nearly half of GE's revenue and more than half of its earnings and cash flow streams.

(Reporting by Rajesh Kumar Singh; Editing by Kirsten Donovan)