UPDATE 3-GE warns more pain ahead as pandemic deals $1 bln cash hit [Reuters]
General Electric Company (GE)
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Source: Reuters
GE warns more pain ahead as pandemic deals $1 billion cash hit (Reuters) - General Electric Co ( GE.N ) said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter, while total revenue fell almost 8% and the company warned the damage would worsen in the next three months. GE’s share were down 4% in premarket trading. Some analysts saw little that was unexpected in the results. While aviation profit margins fell more than was predicted, GE’s forecast that the unit will see a slow recovery “should not surprise investors,” Barclays analyst Julian Mitchell wrote. Others said the results were disappointing. “Considering that GE had previously established a pattern of ‘beat and raise,’ we anticipated a result above 10 cents and a better free cash flow print,” said John Inch, analyst at Gordon Haskett. The Boston-based conglomerate had earlier this month pulled its 2020 forecast, citing uncertainties created by the coronav
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