( Reuters) – General Electric Co ( GE.N) stated on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial service in the first quarter, while total earnings fell nearly 8%and the business warned the damage would get worse in the next three months.
SUBMIT PICTURE: The logo of U.S. corporation General Electric is seen on the company building in Belfort, France, October 19,2019 REUTERS/Vincent Kessler
GE’s share were down 3.5%to $6.56 in premarket trading.
Amongst numerous modifications in reaction to the novel coronavirus, the Boston-based conglomerate stated it had actually cut 700 workers at its power department, was bracing for foreclosure of some airplane by its GECAS airplane leasing unit and was cutting capital spending by 25%this year.
Some experts saw little bit that was unexpected in the results. While aviation profit margins fell more than was predicted, GE’s projection that the system will see a sluggish healing “must not amaze investors,” Barclays expert Julian Mitchell composed.
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