GE records quarterly loss of $2.18 billion after COVID pummels aviation sector
WASHINGTON (US) – General Electric Co on Wednesday reported smaller-than-expected cash outflows as the pandemic crisis crushed demand in its aviation business causing a quarterly loss of $2.18 billion (1.6 billion pounds).
The firm said that free cash outflow from industrial operations amounted to $2.1 billion. GE had earlier predicted a cash outflow of between $3.5 billion and $4.5 billion for Q-2.
The firm said it expected to have positive cash flow in its industrial business next year.
The aviation industry has come to a grinding halt because of the coronavirus spread augmenting trouble for GE’s aviation unit which was already hit because of the grounding of Boeing’s 737 MAX aircraft for which it manufactures engines.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field