Adjusted EPS for the second quarter of ($ 0.15), almost 200% less than in the same period in 2020, and expectations of lost earnings at $ 0.06.
Power’s revenue totaled $ 4.16B, while Renewable Energy hit $ 3.51B, both beating estimates, while Aviation’s revenue disappointed at $ 4.38B.
GE also reported a loss of $ 2.1B in industrial free cash flow, which was better than the guidance issued by the company earlier this year.
“While it is too early to predict the trajectory of the commercial aviation recovery, we continue to plan for a prolonged return to previous levels of activity,” said CEO Larry Culp. “We expect to return to positive industrial free cash flow in 2021.”
GE also launched a program to fully monetize its Baker Hughes. (NYSE: BKR) participation through the sale of shares for approximately three years. It will allow the company to ditch a substantial nonessential asset and use transaction proceeds for further deleveraging.
“GE could change the FCF by 2021,” The Value Trend wrote before the earnings, citing “catalysts for growth in renewable energy and healthcare.” See the article GE is ready to take off
GE + 2.6% premarket
Second quarter results
