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GE sees smaller loss as business recovers from pandemic

GE sees smaller loss as business recovers from pandemic

Mubasher: General Electric Co (GE) has achieved a smaller quarterly loss and positive cash flow, as the company reduced costs in its aviation unit and saw higher revenue in its power business, Reuters reported on Wednesday.

Cash flow for the company’s industrial operations amounted to $514 million in the third quarter (Q3), compared with the average analyst estimate of an outflow of $876 million.

GE said it expects industrial free cash flow to be at least $2.5 billion in Q4 and positive in 2021.

Moreover, it has laid out plans to cut $2 billion in costs, a great deal of which is at the aviation unit.

Revenue at GE’s aviation unit fell by 39% yearly in the quarter, while in the power business it rose by 3%.