General Electric Company (GE) will cuts its dividend by another 91.8 percent to $0.01 quarterly per share in the fourth quarter of 2018. This follows a 50.0 percent dividend cut last year by the industrial giant.

By reducing the dividend the company expects to retain $3.9 billion of cash per year compared tot he prior payout level. GE expects to announce the fourth quarter dividend in December 2018.

A new $0.04 per share annualized dividend for General Electric would yield 0.4% at Tuesday’s closing price of $11.16.

General Electric has now cut its dividend four times since the first payment was made in 1899. Two of those last dividend cuts happened in less than a year since last year's 50 percent cut.

General Electric Company is a global digital industrial company. Its products and services range from aircraft engines, power generation and oil and gas production equipment to medical imaging, financing and industrial products. The company’s segments are Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting and Capital. General Electric has paid a dividend every year since 1899.