A logo is displayed next to a gas turbine at the General Electric Co. energy plant in Greenville, South Carolina, U.S., on Tuesday, Jan. 10, 2017. General Electric Co. is scheduled to release earnings figures on January 20.General Electric reported stronger than forecast revenues and a surprise adjusted profit on Tuesday for the third quarter.
The results for the company were weaker than for the same quarter a year ago, due in part to the coronavirus pandemic, but were better than Wall Street analysts expected. Shares of GE jumped more than 5% in premarket trading after the results were released.Revenue: $19.42 billion vs $18.73 billion forecast by analysts surveyed by Refinitiv.
The company lost 13 cents a share for the quarter on a non-adjusted continuing basis and including certain impairment charges. "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," CEO Lawrence Culp said in a statement. "While our work continues, GE's transformation is accelerating, and we expect Industrial free cash flow to be at least $2.5 billion in the fourth quarter and positive in 2021.
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If u jump on that GE train; be glad u weren’t one of the long term investors who bought in 24 or higher.
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