GE doesn’t rule out reaching $ 7 billion free cash flow target by 2023 – CEO

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General Electric Co. CEO Larry Culp mingles with shareholders at the company’s annual meeting in Tarrytown, New York, United States, May 8, 2019. REUTERS / Alwyn Scott / File Photo

CHICAGO, July 27 (Reuters) – General Electric Co (GE.N) 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 previously 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 services business from the previous quarter had strengthened the outlook for the remainder of the year.

Services account for almost half of GE’s revenue and more than half of its revenue and cash flow.

Reporting by Rajesh Kumar Singh; Editing by Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles.

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