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GE Delays Q3 Earnings To Let New CEO Complete Business Review

General Electric’s delay of its third-quarter earnings comes two days after CRN reported that GE Digital had postponed its annual partner and customer event just weeks before its scheduled start.

General Electric announced Friday that it will delay the release of its third-quarter earnings by three business days to allow new CEO and Chairman Larry Culp time to complete his initial business reviews.

The Boston-based company's delay of Q3 earnings to Oct. 30 from Oct. 25 comes after the industrial giant unexpectedly let go of former CEO John Flannery and replaced him with Culp in early October. GE said Culp will share his initial observations from his business reviews and site visits in the Q3 earnings.

This isn’t the first GE event to get moved under Culp. CRN reported on Wednesday that GE Digital, the company's software division, called off its seventh annual Minds and Machines conference in San Francisco for customers and partners last week that was scheduled for Oct. 30-31. The company told registered attendees that the event was being postponed to sometime after the end of the year.

Culp, appointed to GE's board earlier this year, is reportedly expected to carry out the company's breakup plan he and other board members approved in June, which includes the spinoff of its health-care and railroad locomotive divisions. In July, while he was a board member, the company was reportedly looking to sell off various digital assets. One day after he was appointed CEO, the company announced a deal to sell its Intelligent Platforms division to Emerson Electric.

"We remain committed to strengthening the balance sheet including de-leveraging," Culp said as part of his statement when his CEO appointment was announced.

The company’s stock price was down by a little over 1 percent to $12.58 per share mid-morning Friday.

GE's Q3 earnings webcast will begin on Tuesday, Oct. 30, at 8 a.m. Eastern Time.

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