UPDATE 4-GE warns of more pain ahead as pandemic deals $1 bln cash hit [Reuters (UK)]
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Source: Reuters
GE warns of more pain ahead as pandemic deals $1 billion cash hit - Reuters 4 Min Read (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 3.5% to $6.56 in premarket trading. Among many changes in response to the novel coronavirus, the Boston-based conglomerate said it had cut 700 workers at its power division, was bracing for repossession of some aircraft by its GECAS aircraft leasing unit and was cutting capital spending by 25% this year. 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 t
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