GE's coronavirus troubles likely to hit power business, not just aviation [Reuters]
General Electric Company (GE)
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Source: Reuters
GE's coronavirus troubles likely to hit power business, not just aviation (Reuters) - Quarantines and lockdowns at large U.S. power plants are threatening to squeeze a multibillion-dollar slice of revenue that General Electric Co ( GE.N ) is counting on to help lift profits. Several major U.S. utilities with fleets of GE generators told Reuters they are halting or deferring maintenance, much of it handled by GE, because the work is not possible under social distancing restrictions. The work can be safely put off in part because coronavirus lockdowns have cut power demand, the utilities say. Revenue from fixing power plants is increasingly important for GE now that the Boston-based conglomerate has slimmed down to aviation, power equipment and medical devices. Wall Street’s concerns have focused on the aviation business, but when GE reports its first-quarter results on Wednesday, it may have to explain challenges to power as well. “We have deferred routine maintenance activities to t
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