The worst is yet to come for General Electric: Analyst
CNBC's "Halftime Report" team is joined by Steve Tusa of JPMorgan to break down his view of General Electric after the company reported earnings.
General Electric on Wednesday reported a steep decline in first-quarter revenue as the industrial giant took a hit from the coronavirus pandemic.
The company posted revenue of $20.524 billion, which represents a year-over-year decline of 8%. On an adjusted per-share basis, the company earned 5 cents. That was below a Refinitiv estimate of 8 cents per share. GE also suffered a $1 billion blow to its cash flow during the quarter.
“The impact from COVID-19 materially challenged our first-quarter results, especially in Aviation, where we saw a dramatic decline in commercial aerospace as the virus spread globally in March,” CEO Larry Culp said in a statement.
As global travel screeched to a halt, General Electric’s aviation business saw revenue fall by 13% to $6.892 billion on a year-over-year basis in the quarter, with profit in the division tumbling 39% to $1.005 billion from $1.66 billion. Orders declined by 14%. The company’s power and renewable energy businesses also saw revenues decline in the quarter.
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Видео The worst is yet to come for General Electric: Analyst канала CNBC Television
General Electric on Wednesday reported a steep decline in first-quarter revenue as the industrial giant took a hit from the coronavirus pandemic.
The company posted revenue of $20.524 billion, which represents a year-over-year decline of 8%. On an adjusted per-share basis, the company earned 5 cents. That was below a Refinitiv estimate of 8 cents per share. GE also suffered a $1 billion blow to its cash flow during the quarter.
“The impact from COVID-19 materially challenged our first-quarter results, especially in Aviation, where we saw a dramatic decline in commercial aerospace as the virus spread globally in March,” CEO Larry Culp said in a statement.
As global travel screeched to a halt, General Electric’s aviation business saw revenue fall by 13% to $6.892 billion on a year-over-year basis in the quarter, with profit in the division tumbling 39% to $1.005 billion from $1.66 billion. Orders declined by 14%. The company’s power and renewable energy businesses also saw revenues decline in the quarter.
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