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GE CEO sees inflation a headwind for company in 2022
2022.04.26 19:01
FILE PHOTO: General Electric Co. Chief Executive Officer Larry Culp mingles with shareholders at the company’s annual meeting in Tarrytown, New York, U.S., May 8, 2019. REUTERS/Alwyn Scott/File Photo
CHICAGO (Reuters) – General Electric (NYSE:GE) Co Chief Executive Larry Culp said the company is not expected to fully offset soaring costs this year despite price increases.
The comments came after the Boston-based industrial conglomerate said fresh COVID-19-related lockdowns in China as well as the war in Ukraine have exacerbated supply chain disruptions and inflationary pressure, putting its full-year profit outlook at risk.
“It will be a net headwind for us,” he told Reuters in an interview.
