General Electric Co said on Tuesday it generated more profit and lost less cash ...
- General Electric Co said on Tuesday it generated more profit and lost less cash than expected in the first quarter, suggesting an improving outlook under its new leader that sent its shares up more than 5 percent.
Culp had set low earnings targets in March and warned that GE’s industrial cash flow could be negative by as much as $2 billion. GE took a string of multibillion-dollar writedowns last year, so the slowing in cash outflows in the latest quarter raised hopes that its fortunes have started to improve. Profit margins also contracted at GE’s aviation, power and renewable energy businesses, the three core units that GE plans to retain as it undergoes a break-up announced last year.
In the latest quarter, power orders fell 14 percent and profit fell 71 percent to $80 million on revenue of $5.7 billion, down about 22 percent from a year earlier, GE said.
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