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By Thomas Gryta General Electric Co. reported lower revenue and a loss in its first quarter as the company s jet-engine business and divestitures weighed on its latest financial results. GE s revenue fell 12% to $17.1 billion, reflecting a 28% decline in its aviation unit and a 9% drop in its healthcare unit after selling off part of the business. The company had a quarterly net loss of $2.8 billion, compared with a profit of $6.2 billion a year ago. The results include a $2.9 billion loss from the planned sale of GE Capital s jet-leasing business. The industrial company said excluding discontinued operations and other one-time charges its industrial free cash flow was negative $845 million in the first quarter, an improvement from burning $2.2 billion in the year-ago period. On that basis, it had adjusted earnings of 3 cents a share, compared with analysts forecasts for a 1-cent profit.
GE reports loss on continued pressure in aviation
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27/04/2021 - 13:56 General Electric reported lower revenues in three of four industrial divisions SEBASTIEN BOZON AFP/File 2 min
New York (AFP)
General Electric reported a first-quarter loss Tuesday on lower revenues in key divisions, including power and aviation, which remains under pressure amid Covid-19.
GE pointed to some recent aviation engine orders for new Boeing and Airbus planes, as well as an uptick in gas turbine orders. However, overall orders were still down for both power and aviation compared with the year-ago period.
The company reported a $2.9 billion loss, compared with profits of $6.2 billion in the year-ago period, when GE booked a large gain from a divestiture.