Shares of General Electric Co. turned lower on heavy volume Wednesday, erasing earlier sharp gains, as the industrial conglomerate’s earnings and free cash flow beats, and raised full-year outlook, weren’t quite enough to inspire investors.
The stock’s selloff from earlier highs keeps it hemmed within a six-month long trading range, in which it has seesawed between $9 and just below $10. Read more about stock’s technical outlook. Within GE’s business segments, power revenue dropped 25% to $4.68 billion, well below the FactSet consensus of $5.84 billion, while renewable energy revenue grew 26% to $3.63 billion, or well above expectations of $2.37 billion.
In aviation, CFO Miller said the grounding of Boeing’s BA, -0.19% 737 Max fleet, for which GE makes engines, has negatively impacted cash flow by about $300 million per quarter in the first half of the year. She said the impact will ramp to $400 million for each quarter that the fleet remains grounded.
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