GE loses less cash than expected even as pandemic pummels earnings

📆 7/29/2020 3:15 PM
📰 Reuters

⏱ Reading Time:
20 sec. here
2 min. at publisher
📊 Quality Score:
News: 11%
Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

General Electric Co lost less cash than estimated in the second quarter even as the coronavirus pandemic pummeled demand in its aviation business, resulting in a wider-than-expected quarterly loss.

FILE PHOTO: The logo of U.S. conglomerate General Electric is seen on the company building in Belfort, France, October 19, 2019. REUTERS/Vincent Kessler

The Boston-based industrial conglomerate reported cash outflow of $2.1 billion from industrial operations, a tad lower than a quarter ago and much below than its own estimate of between $3.5 billion and $4.5 billion for the quarter. The unit reported a quarterly loss of $680 million on the back of a 44% drop in revenues. Orders were down an annual 56% during the quarter.

Write Comment

Losing less cash than expected is still a negative cash flow.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

GE Hit by Steep Decline in Jet-Engine BusinessThe company’s aviation business swung to a loss in the June quarter as both revenue and orders plunged. That is sad Hell yeah! Fuck the Great Evil!!!!! As a former employee I'll tell anyone who'll listen about their treason and horrendous working conditions. I’m afraid I caused this by tweeting about the lousy construction of my new microwave. Oops.
Source: WSJ - 🏆 98. / 63 Read more »