General Electric Says Supply Chain Woes Still Persist: Reuters - General Electric (NYSE:GE)

  • General Electric Co GE Chief Financial Officer Carolina Dybeck Happe said the company is still struggling with supply-chain issues, Reuters reported.
  • The continuing problem has led to delays in product deliveries, she added.
  • The shortages of parts, labor, and raw materials, along with the macroeconomic uncertainty, wiped off 5% of the company’s Q2 revenue.
  • “Supply chain continues to be tough and continues to impair our ability to deliver to our customers,” Happe said.
  • The factors are expected to pressure the conglomerate’s cash flow for Q3.
  • The COVID-19 pandemic and the resulting business restrictions have fractured global supply chains, creating problems for companies in meeting demand and inventory levels.
  • Price Action: GE shares are trading lower by 4.51% at $65.80 in premarket on the last check Friday.
  • Photo Via Company

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