Provided by
Dow Jones
By Thomas Gryta
General Electric Co. reported lower revenue and a loss in its first quarter as the company's jet-engine business and divestitures weighed on its latest financial results.
GE's revenue fell 12% to $17.1 billion, reflecting a 28% decline in its aviation unit and a 9% drop in its healthcare unit after selling off part of the business. The company had a quarterly net loss of $2.8 billion, compared with a profit of $6.2 billion a year ago. The results include a $2.9 billion loss from the planned sale of GE Capital's jet-leasing business.
The industrial company said excluding discontinued operations and other one-time charges its industrial free cash flow was negative $845 million in the first quarter, an improvement from burning $2.2 billion in the year-ago period. On that basis, it had adjusted earnings of 3 cents a share, compared with analysts' forecasts for a 1-cent profit.