GE warns COVID-19's impact on earnings will worsen as revenue drops nearly 8% [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
GE warns COVID-19's impact on earnings will worsen as revenue drops nearly 8% U.S. congolomerate General Electric reported quarterly results Wednesday. VINCENT KESSLER/Reuters U.S. congolomerate General Electric reported quarterly results Wednesday. General Electric Co’s industrial businesses took a $1 billion hit to cash flow in the first quarter due to the COVID-19 pandemic as overall revenue fell almost 8 per cent, and the company warned the damage would worsen in the next three months. The Boston-based conglomerate had earlier this month pulled its 2020 forecast, citing uncertainties created by the coronavirus outbreak, but backed its first-quarter industrial free cash flow expectation of near negative $2 billion. Free cash flow from industrial operations was negative $2.2 billion in the first quarter, missing analysts’ estimates of negative $2.02 billion, according to Refinitiv data. GE reported adjusted earnings of 5 cents per share, below the average estimate of 8 cents, acc
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