Thread regarding General Electric Co. layoffs

Many think the layoffs will be sooner than March 2021

Straight out of the earnings report for power Passing the blame on Covid 19. Covid just moved the inevitable to the front lines. Many layoffs coming like 225-250 out of Schenectady.

Gas power equipment revenue was up double digits on higher shipments. We shipped 25 gas turbine units, including five HA and 10 aeroderivative this quarter. Gas power service revenue was down double digits. This was driven by the outage shifts and weaker commercial conversion in transactional and upgrades.

While approximately 20% of our first half planned outages were rescheduled, gas power still performed outages in 31 countries, return commission projects adding 4.3 gigawatts of power to the grid globally. Based on our current view, we still expect to deliver 45 to 50 heavy-duty gas turbine shipments in 2020 and execute 95% of the outages that were planned for the year. Power portfolio revenue was down double digits. We think about this as three businesses.

Steam, approximately 25% of our first half planned outages shifted to the second half. All but 5% of those outages are rescheduled. Power conversion continues to show underlying sequential operational improvement. And nuclear, largely a regulated service business, remains stable.

Segment margin of negative 1.3% contracted 390 bps organically primarily due to the decline in our highly profitable service volume and some charges. This include approximately 100 million related to an underperforming joint venture for global aeroderivative packaging and 50 million quality reserve on a power conversion product line that we have exited. We continue to take cost actions across power, which includes roughly 800 headcount reductions in this quarter. Gas power had a positive operating profit this quarter, with fixed costs down 13% year over year.

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| 2222 views | | 10 replies (last July 31, 2020) | Reply
Post ID: @OP+16cNIoAf

10 replies (most recent on top)

Think about the survival of GE, not layoffs. Hope, not to see filing for chapter 11. Seriously!!

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Post ID: @1qxe+16cNIoAf

We in Aviation were hoping Power could send us some work. Here in Greenville we laid off almost half the people and still have another third on TLOW for four months.

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Post ID: @1hce+16cNIoAf

I miss the good ol days when we talked about the aviation work that was coming to Schenectady because Aviation was up to their eyeballs in work and couldn't handle it. Maybe another division of GE will send their work to us?? Oh wait, GE sold those divisions off already. There is nothing left to save us from the poor planning that got us here. At least the D-rates can find some peace in knowing that their pension is promised to them...... sure.........

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Post ID: @1beb+16cNIoAf

He's Division of ,273 also known as the "301 Locals" will be experiencing what is known as "hard gifts" this Xmas season

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Post ID: @1hua+16cNIoAf

Many of the Greenville buddy system has already departed GE. Just not enough buddies anymore to have any political protection. Buddies are scurrying like roaches in light and know they waited too late to find other jobs in this Covid world. South Carolina foreclosures are resuming soon. I wish everyone good luck.

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Post ID: @1qlf+16cNIoAf

I think there's a better chance of the layoffs starting in about 5 minutes!! If GE isn't careful, there won't be enough of GE left to be sold off to cover the remaining debt!

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Post ID: @jfo+16cNIoAf

Never under any circumstances take a sleeping pill and a laxative on the same night.

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Post ID: @rpc+16cNIoAf

This is free money until layoffs I just rack out on my 3rd shift job and have a work from home online job I told them that I have a hardship so have to work "very early hours in the morning" . I even do this work over GE wifi they are so stupid they don't even know. I was gonna quit when I got my new gig but we are gonna ride this out. RSP contributions Are maxed out until I am off this circus ride!

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Post ID: @wtf+16cNIoAf

As stated 1 billion more in cost actions still remain for 2020 so its obvious more layoffs. What is alarming is how many people are not being productive. It is not necessarily the employees fault but will hard to turn that culture around for years.

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Post ID: @stg+16cNIoAf

Most will be out the door before q3 earnings statement therefore that loss of employees will show the company and investors they've reduced some overhead

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Post ID: @sfd+16cNIoAf

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