General Electric Chairman and CEO Larry Culp said Monday the industrial conglomerate's troubled power business is getting close to a bottom.
"We are working very hard with the power team to get a better grounding in our reality," Culp said in an interview with CNBC's David Faber on "Squawk on the Street." Asked whether the power unit "has bottomed," Culp said, "we're getting close."
"We will known when we're there because like any business facing ... pressures, it's a little bumpy on the way down," he said. "But I think we have a good line of sight."
The company announced on Oct. 20 third-quarter earnings that fell short of Wall Street expectations as profits were weighed down by restructuring costs and weak performance at its power and oil and gas businesses.
GE's performance was weighed down heavily by its power business, which saw profits decline 51 percent to $611 million, from $1.3 billion at the same time last year.
Culp replaced John Flannery as chairman and CEO on Oct. 1 after the board reportedly became frustrated with the slow pace of change at the struggling industrial conglomerate. Culp was named to the GE board in April, and served as the CEO and president of Danaher from 2000 to 2014.
This is a developing story. Please check back for update.
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