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Stock impact report

GE's stock drops after profit, FCF miss expectations but revenue beats [MarketWatch]

General Electric Company (GE) 
Last general electric company earnings: 4/30 04:02 pm Check Earnings Report
US:NYSE Investor Relations: ge.com/investor-relations/overview
Company Research Source: MarketWatch
Shares of General Electric Co. dropped 1.2% in premarket trading Wednesday, after the industrial conglomerate missed first-quarter adjusted profit and free cash flow expectation, as the COVID-19 pandemic had a "significant financial impact," but beat on revenue. Net income rose to $6.16 billion, or 70 cents a share, from $3.55 billion, or 41 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share fell to 5 cents from 13 cents, missing the FactSet consensus of 8 cents. Total revenue fell 8% to $20.52 billion, above the FactSet consensus of $20.38 billion. Industrial free cash flow (FCF) was negative $2.21 billion, compared with guidance provided March of about negative $2 billion. GE said the COVID-19 pandemic reduced FCF by about $1 billion and hurt industrial profit by about $800 million. Within GE's business segments, revenue misses by Power and Aviation were offset by beats in Healthcare and Renewable Energy. GE Capital swung to a loss of $ Show less Read more
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