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.