NEW YORK: General Electric reported mixed third-quarter results on Wednesday (Oct 30) in its industrial businesses and cited progress in a turnaround effort as the company works to reduce debt.
The industrial giant, which has struggled for more than two years with a weak power market and more recently with a hit to its aviation engine business due to the grounding of the Boeing 737 MAX, boosted some of its full-year forecasts, lifting shares.
GE reported a loss of US$9.5 billion, smaller than the loss of US$22.8 billion it posted in the year-ago period, with the 2019 results hit by the accounting of a transaction to sell some of its stake in oil services company Baker Hughes.
Revenues were essentially flat at US$23.4 billion.
Earnings rose in both aviation and healthcare, while the power division had a smaller loss than in the year-ago period. The company also reported a loss in its renewable energy business.
GE confirmed its earnings-per-share forecasts and lifted its cash flow outlook, while lowering some of its cost projections.
"Our results reflect another quarter of progress in the transformation of GE," said Chief Executive Lawrence Culp.
"We have more work to do, and we will continue to take actions to improve our financial position and strengthen our businesses as we prepare for 2020 and beyond."
Shares rose 5.5 per cent to US$9.57 in pre-market trading.