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Published on 28/10/2020 4:21:21 PM | Source: Reuters

GE reports smaller loss as business recovers from pandemic lows

Posted in Top Stories| #World Shares

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General Electric Co  reported a smaller quarterly loss and positive cash flow on Wednesday, as the company cut costs in its aviation unit and saw improvement in revenue in its power business.

Cash flow for its industrial operations was $514 million in the third quarter, compared with the average analyst estimate of an outflow of $876 million.

GE said it expects industrial free cash flow to be at least $2.5 billion in the fourth quarter and positive in 2021.

GE has laid out plans to cut $2 billion in costs, a great deal of which is at the aviation unit.

Revenue at GE's aviation unit fell 39% in the quarter compared with last year, while in the power business it rose 3%.

The loss from continuing operations attributable to GE shareholders shrank to $1.2 billion in the third quarter ended Sept. 30 from $9.5 billion a year earlier.

 

(Reporting by Rachit Vats in Bengaluru; Editing by Saumyadeb Chakrabarty)