Thread regarding General Electric Co. layoffs

Culps performance since 2018. Does he deserve that pay? Analysis from 2018 to now.

Starting with sept 2018, before he was hired:
https://d18rn0p25nwr6d.cloudfront.net/CIK-0000040545/9750d020-9047-42ec-887d-efb3344e5fa3.pdf

Comparing latest filing in April 2021:
https://www.ge.com/sites/default/files/ge_webcast_10Q_04272021.pdf

Under Culps tenure, usa employment went from 101,200 Americans to 57,000 American workers, a reduction of 44%.

At the same time, GE also cut foreigners from payrolls, from 187,800 to 124,000 foreign workers in other countries, a reduction of 34%.

Clearly Culp favors foreign labor over USA labor.

Since 2018, the top countries Culp "transitioned" jobs to were:
Sweden +670
Netherlands +645
Romania +578
Czechia +576
Croatia +494
Egypt +440
South Africa +472
Austria +412
Argentina +322
Thailand +277

GE appears to be using labor as a stick to get foreign governments to buy its products?

Vietnam used to have 700+ GE employees in 2018, suddenly in 2020 they have 0.

Curious that now Vietnam has signed a deal for a few wind turbines...

https://www.ge.com/news/press-releases/ge-renewable-energy-to-build-the-first-wind-farm-in-lam-do-g-province-in-vietnam

Carrot, meet stick...

Turning to financial statements:

  • 2018....vs.....2021.............Change

Stock price: 12.60.............12.81............+1.6%
Revenue: 29.5B.............17.1B..........-39.7%
Expenses: 52.5B.............17.5B.........-66.7%
TotalLiabilities: 263.5B......210.0B.......-20.3%
IssuedShared: 8.698B.............8.778B.......+1%
TotalAssets: 311.7B.............245.1B.......-21%

So stock is up nearly 2% for a company that makes nearly 40% less in revenue (bad), has 1% MORE shares issued (bad - dilution), and overall, has 21% less assets on its books (bad).

The intrinsic value of this company no matter how you calculate it is no more than $5/share.

https://www.investopedia.com/articles/basics/12/intrinsic-value.asp

If the economy takes another nose dive, GE is toast.

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| 1241 views | | 4 replies (last July 19, 2021) | Reply
Post ID: @OP+1bQ3ZQYt

4 replies (most recent on top)

Steve Tusa, is that you…

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Post ID: @4jjt+1bQ3ZQYt

Honestly, not terribly impressed by Culp's performance. May be it is time to look for a new CEO!!

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Post ID: @2sst+1bQ3ZQYt

Smoke n mirrors GE..

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Post ID: @ray+1bQ3ZQYt

Culps going to rs the stock to about 80$ to 100$ and get his bonus. If it looks good on paper, it's good enough. That's the GE way.

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Post ID: @apu+1bQ3ZQYt

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