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GE

EARNINGS-GE reports smaller loss as business recovers from pandemic lows

Credit: REUTERS/Vincent Kessler

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.

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Oct 28 (Reuters) - General Electric Co GE.N 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)

((Rachit.Vats@tr.com; Reuters Messaging: rachit.vats.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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