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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GE Aerospace | NYSE:GE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.15 | 0.71% | 162.41 | 163.365 | 160.3114 | 161.24 | 5,898,024 | 01:00:00 |
By Thomas Gryta
General Electric Co. reported $4.4 billion in fourth-quarter cash flow, beating its own projection and ending 2020 without burning cash, a year ahead of schedule.
The Boston conglomerate said the surge of cash came from orders in its power and renewables divisions, along with improved financial efficiency. The company has been cutting corporate costs and jobs in its aviation unit while streamlining its power business.
The coronavirus pandemic continues to pressure GE's jet-engine business, its largest division, but the overall results showed progress in the yearslong turnaround of the company that also makes health-care machines and power-generating equipment.
GE shares are up 60% in the last six months, closing Monday at $10.99, as investors are encouraged by continued improvement in cash flow, debt reduction and cost cutting. The S&P 500 index is up about 20% in the same period. GE shares gained about 4% in premarket trading Tuesday.
GE's cash flow is closely watched as a sign of the health of the company's operations and ability to pay down debts. The company had predicted fourth-quarter cash flow of at least $2.5 billion. The company burned through $4.3 billion in cash in the first half of the year.
For the full year, GE reported lower revenue after shedding units, but positive cash flow of about $600 million from its industrial operations. GE forecast $2.5 billion to $4.5 billion of cash flow for 2021.
Write to Thomas Gryta at thomas.gryta@wsj.com
(END) Dow Jones Newswires
January 26, 2021 07:09 ET (12:09 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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