GE’s turnaround benefits from pandemic rebound – .

0
18
GE’s turnaround benefits from pandemic rebound – .


General Electric Co. has recorded higher orders for its industrial machinery and raised its cash flow target this year as the manufacturer continues to recover from the pandemic-induced shocks to the global economy.
GE said its second-quarter revenue increased 9% to $ 18.3 billion from the period last year, when airlines ground planes and canceled jet purchases as blockages linked to Covid-19 were taking hold.
The company reported another quarterly net loss on Tuesday, but said it had adjusted earnings above Wall Street expectations, excluding one-time charges.
The company said it expects to generate free cash flow from its industrial operations between $ 3.5 billion and $ 5 billion for the full year, excluding discontinued operations and finance charges. Based on that, he had previously forecasted $ 2.5 billion to $ 4.5 billion in cash flow. GE has left its profit and revenue targets for 2021 unchanged.
GE has cut costs at its aviation unit and streamlined its power business, while reducing debt through asset sales, including an agreement to get rid of most of its aircraft leasing business Gecas earlier this year. The deal is expected to bring in $ 24 billion in cash and close by the end of the year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here