The engineers at GE Power know their stuff, they engineered good engines. The PDE designers are amazing modelers.
What it comes down to is lack of sales, simple as that.
Maybe it'll turn around, but not for another few years.
In the meantime, does anyone know how much Walmart greeters make?
The race to build larger and larger GTs was a fools rush to the cliff edge.
Schmidli and Soothill said if we build it they will buy it. Madness. Any ex alstom people remember them???
There are GT sales - just the margins are not there due to mhi and Siemens cutting prices. Last downturn in 2001, we just cut the headcount and reallocated factories for other markets like o&g,
Now with Alstom deal, we are bigger and slower to react to market reality.
GT and renewables will coexist. They are complementary. Just the debt is too high at ge corporate and expenses are too high at power/gps level. Expect major cuts in next 3-6 months.
The way cronyism works in ge in last 15 years, expect some political appointees to stick around. No way for Culp to know who to keep. He will have to just incentivize the leadership to do less politics and more smart business. Expect stock options and retention offers for those remain.
Someone's smoking something!
@zag you’re an id--t. The recovery is real (and GT sales aren’t linked to economic growth).
Sales sure won't be turning around in a few years. We're at the very end of the fake recovery since 2008, built on the stable foundation of 100 trillion of printed paper out of thin air, the loosest credit and lowest rates in forever, for WAAAY too long.....and lies.
And now even that is over.