Credit: REUTERS/VINCENT KESSLERBy Sanjana Shivdas and Alwyn Scott
Oct 30 (Reuters) - General Electric Co GE.N posted a $1.3 billion loss in the third quarter on Wednesday, and said revenue was flat as it struggles to restore growth and profits after taking a $22 billion accounting charge a year ago.
But on an adjusted basis, the Boston-based conglomerate generated more profit than expected, beating analysts estimates, and vowed to deliver $1 billion more cash this year than it had previously forecast.
The results signaled "progress in the transformation of GE," Chief Executive Officer Larry Culp said.
The company said it now expects full-year industrial free cash flow to be between $0 and $2 billion, compared with its earlier forecast of negative $1 billion to positive $1 billion.
GE shares were up 7 percent at $9.71 in premarket trading.
The company's loss from continuing operations attributable to shareholders was $1.33 billion in the quarter ended Sept. 30, compared with a loss of $22.96 billion a year earlier.
Loss per share from continuing operations was 15 cents, versus a loss of $2.64, the company said.
On an adjusted basis, GE earned 15 cents per share, compared with 11 cents that analysts had on average expected, according to IBES data from Refinitiv.
Total revenue fell slightly to $23.36 billion from $23.39 billion.
(Reporting by Sanjana Shivdas in Bengaluru and Alwyn Scott in New York Editing by Anil D'Silva and David Holmes)
((alwyn.scott@thomsonreuters.com; 646-223-6132; Reuters Messaging: alwyn.scott.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.
