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GE reports quarterly loss as coronavirus pandemic hits hard

GE reports quarterly loss as coronavirus pandemic hits hard

General Electric Co reported $2.18 billion in quarterly losses on Wednesday, hurt by weakness in its aviation and power units due to the COVID19 pandemic, but its free cash outflow came in better than expected.

  • Reuters
  • Last Updated: July 29, 2020, 4:12 PM IST
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General Electric Co reported $2.18 billion in quarterly losses on Wednesday, hurt by weakness in its aviation and power units due to the COVID-19 pandemic, but its free cash outflow came in better than expected.

Free cash outflow from industrial operations totalled $2.1 billion, it said.

Loss per share from continuing operations came in at 27 cents in the second quarter ended June 30, compared with 3 cents a year earlier. On an adjusted basis, GE reported a loss of 15 cents per share.

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Total revenue fell 24% to $17.75 billion.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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  • First Published: July 29, 2020, 4:12 PM IST
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