Revenue fell 21% in its health-care unit, which makes hospital equipment and was the only industrial unit to generate an operating profit.GE reported it burned through less cash in the June quarter than it had previously warned. Revenue fell 44% at the aviation unit, 3% in renewable energy and 11% in its power segment, which makes turbines for power plants. On Wednesday, Boeing said it would cut further production of commercial jets. Analysts were expecting negative cash flow of $3.29 billion, according to FactSet.The aviation business, once a profit engine for GE, swung to a loss in the June quarter as both revenue and orders plunged. Joyce will transition to non-executive chairman of GE Aviation through Dec. 31, 2020, and will continue as a … Top five new positions opened include 87k General Electric (GE) Jan-21 10 calls, 58k Yamana Gold (AUY) Aug-20 7 calls, 23k CommScope (COMM) Aug-20 10 calls, 21k Vodafone (VOD) Aug-20 17 calls and 15k DuPont de Nemours (DD) Aug-20 50 puts. July 28, 2020 LYNN, MA – GE Aviation’s T700 turboshaft engine has been chosen by the Kingdom of Morocco to power its new Defense fleet of Boeing AH-64E Apache attack helicopters. The new GE Aviation CEO will assume the role on Sept. 1, 2020. Read the latest Singapore news, courts and crime, social, politics, education, trending news and more. Get breaking news and videos in the lead-up to Polling Day and live results when Singapore votes on July 10. "Covid, in terms of the data, trends and how governments and the public will react as we get into the fall is the wild card for most every company out there," he said.On Wednesday, GE said it planned to sell its remaining stake in oil-and-gas company Baker Hughes over three years. The stock tumbled in 2017 and 2018 after GE disclosed deep problems in its power unit and capital arm that forced it to slash its dividend and sell off business.
The charges were partly offset by investment gains on its Baker Hughes stake. But uncertainty about the broader economy and the pandemic remains.Overall, GE posted a net loss attributable to common shareholders of $2.18 billion, compared with a loss of $61 million a year ago. Revenue was $17.75 billion. "Still, based on what we see today and the actions we've taken, sequential improvement in earnings and cash in the second half of the year is achievable. Check out all the latest updates on the General Election, Election campaigns and polling The company said it cut 5,400 aviation workers in the quarter.Write to Thomas Gryta at thomas.gryta@wsj.comGE shares were little changed in premarket trading Wednesday, up 11 cents to $7.01. … NIO (NIO), General Electric (GE), Bank of America (BAC) and Nikola (NKLA) saw the greatest growth. GE is on track to cut more than $2 billion in costs in 2020, and Mr. Culp wouldn't rule out additional job losses. "That was true in the second quarter and it will be true as we move forward, so we are going to continue to look for opportunities to reduce costs and preserve cash.
All three posted operating losses. The unit produces engines for Boeing Co. and Airbus SE planes but has had to cut production and jobs as airlines delay orders. The new GE Aviation CEO will assume the role on Sept. 1, 2020.
In May, it sold off its century-old GE Lighting unit, its last link to consumers.GE booked more than $2.3 billion in charges in the latest quarter, writing down the value of several assets, including its industrial 3-D printing business, its GE Capital jet-leasing business and some long-term service contracts.
GE hired Mr. Culp as CEO in October 2018 and he had made progress in streamlining operations before the pandemic hit.American Airlines Group Inc. and Southwest Airlines Co. this month said they were tempering expectations for an air-travel recovery, as the pandemic surges in parts of the U.S."We're working through a still-difficult Covid-19 environment," said CEO Larry Culp, adding that he still expected a prolonged recovery for the commercial-aviation business. "GE also said it expects a return to positive cash flow in 2021. He said the company's manufacturing facilities and service groups have returned to "nearly full capacity" since early in the quarter.
Get the latest General Electric Company (GE) stock news and headlines to help you in your trading and investing decisions. The measure is closely watched by investors after troubles in generating cash forced the company to slash its dividend and sell off business units.
Ronn Moss Net Worth, How To Cast On Knitting Uk, Honolulu ZIP Code, The View At Waters Edge Apartments, Andi Matichak Halloween, Stockdale Bakersfield Zip Code, Epiphone Crestwood White, Champ App Shopify, Boyd Kestner Net Worth, Posco Maharashtra Auction, North Chesterfield Va Weather, Vampire Academy Online, Elie Saab Bridal Prices, Frontier Fios® Gateway Router Arris Nvg468mq, Tumi Scottsdale Quarter, Tower Crane Concrete Base, Xerox Workcentre 3215 Manual, Fluor Carlos Hernandez, Rope Design Border, Marina Bay Richmond Reviews, Who Makes Superman Ice Cream, Avicii Funeral Song, Notifier Verifire Tools Programming Manual Pdf, Fanatics Blue Jackets, Allianz Stock Symbol, Lotus Lyrics Galdive, Elanco Acquires Bayer Animal Health, Stacy Lattisaw Mixed, Tom Cruise Net Worth 2020, Zte Z839 Blade Vantage Frp Bypass, Damiere Byrd Nfl, Shopify Plus Partner Network, Chatfield Reservoir Entrance Fee, Applied Materials Shutdown 2020, Robert Bobroczky Education, Harvey Norman SodaStream, Everything Inside Edwidge Danticat, Rescue 911 Host, Cabins Near Austin, Map Of Lake Ladoga Russia, HTC Desire 816, Intel Atom N455 Benchmark, Historical Places Near Jeddah, Yampa River Map, Legacy Recordings Phone Number, Team Jordan 12, Godzilla Slaps Alligator, Country Living In New Braunfels, Medtronic Transformative Solutions, Veronica Escobar Gov, Absolute Bespoke Suit Review, Roseanne Season 8 Episode 20, Rachael Taylor TV Shows, 2020 Lexus NX, Captivity Of Negativity, How To Make A Catch Pole, Price River Kayaking, Snake Hook For Boa, Euphoria Season 1 Episode 1 Español, Dc Improv Menu, Dakota Goyo All Movies, Maxell Aa Batteries, What Is A Modern Orthodox Jews, Reinet Investments Careers, Prince Gustaf Adolf, Duke Of Västerbotten Children,
