{"id":100279,"date":"2020-10-28T15:48:34","date_gmt":"2020-10-28T12:48:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ge-reports-smaller-loss-shares-rise\/"},"modified":"2020-10-28T15:48:34","modified_gmt":"2020-10-28T12:48:34","slug":"ge-reports-smaller-loss-shares-rise","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ge-reports-smaller-loss-shares-rise\/","title":{"rendered":"#GE reports smaller loss, shares rise"},"content":{"rendered":"

“#GE reports smaller loss, shares rise<\/strong>”<\/p>\n

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\"General
\n General<\/a> Electric reported another quarterly loss but said it would be cashflow positive in 2021
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General Electric reported a smaller quarterly loss Wednesday on lower revenues and a continued slump in aviation, but said it would be cashflow positive in 2021 following cost-cutting moves.<\/p>\n

Shares of the industrial giant pushed higher in pre-market trading despite some negative points in the earnings report, including a third-quarter drop in orders in all four of its business segments.<\/p>\n

GE Chief Executive Larry Culp said the company had boosted profit margins in every segment except aviation when currency effects were strip<\/a>ped out.<\/p>\n

“We are managing through a still-difficult environment with better operational execution across our businesses, and we are on track with our cost and cash actions,” said Culp.<\/p>\n

GE reported a loss of $1.2 billion in the quarter, compared with a loss in the year-ago period of $9.5 billion that was inflated by a one-time non-cash loss.<\/p>\n

Revenues fell 17 percent to $19.4 billion.<\/p>\n

Demand for GE’s products remains under pressure amid a global economy slowed by the coronavirus outbreak. <\/p>\n

GE’s aviation segment has been especially hard-hit due to a downturn in airline travel that is not expected to fully recover until there is a widely available vaccine for the virus.<\/p>\n

But Culp has taken actions to improve GE’s cash position and business performance, including reorganizing the power business, cutting $2 billion in costs and announcing it was eliminating 13,000 jobs in the spring.<\/p>\n

During the quarter, GE said it began to launch the world’s largest offshore wind farm, won federal certification for a new fuel-efficient plane engine and introducing new health technology<\/a> products.<\/p>\n

Shares rose 6.2 percent to $7.54 in pre-market trading.\n <\/p>\n\n

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General Electric reports loss amid weakness in aviation\n <\/p><\/div>\n

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\n \u00a9 2020 AFP<\/p>\n

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Citation<\/strong>:
\n GE reports smaller loss, shares rise (2020, October 28)
\n retrieved 29 October 2020
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