General Electric Co said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months.
) said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months.
Chief Executive Larry Culp declined to be drawn in on when cash flow might recover, and said some of the $2 billion in cost cutting the company was undertaking to deal with the economic effect of novel would be permanent. Some analysts saw little that was unexpected in the results. While aviation profit margins fell more than was predicted, GE’s forecast that the unit will see a slow recovery “should not surprise investors,” Barclays analyst Julian Mitchell wrote.
GE reported adjusted earnings of 5 cents per share, below the average estimate of 8 cents, according to Refinitiv.
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