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GE

EARNINGS-GE reports quarterly loss as coronavirus pandemic hits hard

Credit: REUTERS/VINCENT KESSLER

General Electric Co reported $2.18 billion in quarterly losses on Wednesday, hurt by weakness in its aviation and power units due to the COVID-19 pandemic, but its free cash outflow came in better than expected.

July 29 (Reuters) - General Electric Co GE.N reported $2.18 billion in quarterly losses on Wednesday, hurt by weakness in its aviation and power units due to the COVID-19 pandemic, but its free cash outflow came in better than expected.

Free cash outflow from industrial operations totalled $2.1 billion, it said.

Loss per share from continuing operations came in at 27 cents in the second quarter ended June 30, compared with 3 cents a year earlier. On an adjusted basis, GE reported a loss of 15 cents per share.

Total revenue fell 24% to $17.75 billion.

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

((Rachit.Vats@tr.com; within U.S. +1 646 223 8780, outside U.S. +91 80 61822828; Reuters Messaging: rachit.vats.thomsonreuters.com@reuters.net))

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