General Electric Co. affirmed its forecast of a negative adjusted industrial free cash flow of up to $2 billion in 2019, which the struggling conglomerate has designated as a "reset" year.

The company also maintained its guidance for the next two years, projecting positive cash flow in 2020 before an "acceleration" in 2021.

Adjusted earnings estimates for 2019 were also unchanged at 50 to 60 cents per share, GE said in a presentation at the annual Electrical Products Group conference in Florida.

Chief Executive H. Lawrence Culp Jr. said GE is making progress in its transformation plans, including a deleveraging drive that remains the company's top priority.

However, Culp cautioned that "a good bit of unfinished work still lies ahead" and that GE's turnaround is a "multiyear" effort.

"There's a lot to do. I think we're making progress, but I don't want anyone to walk out of here thinking this is something that is easily fixed," Culp told analysts.

GE's adjusted EPS slipped year over year in the first quarter but topped analysts' expectations.