General Electric (NYSE:GE) reported stronger-than-forecast revenues and a surprise adjusted profit on Tuesday for the third quarter.
The results for the company were weaker than for the same quarter a year ago, due in part to the coronavirus pandemic, but better than Wall Street analysts expected.
Revenue for the industrial company’s aviation unit fell 39% year over year but was partially offset by slight gains for the renewable energy and power segments.
The company lost 13 cents a share for the quarter on a non-adjusted continuing basis and including certain impairment charges.
"We are managing through a still-difficult environment with better operational execution across our businesses, and we are on track with our cost and cash actions," CEO Lawrence Culp said in a statement. "While our work continues, GE’s transformation is accelerating, and we expect Industrial free cash flow to be at least $2.5 billion in the fourth quarter and positive in 2021."
Revenues declined 7% year over year for GE’s health care segment. Orders were down for all applicable segments, ranging from a 12% decline for power to 54% for aviation.
The company also reported $514 million in industrial free cash flow for the quarter, down from $650 million in the year-ago quarter.
Shares of GE have lagged the broader market this year, shedding 36% year to date. This continues a long-term decline for the stock, which traded above $30 per share at the beginning of 2017 and currently trades around $7 per share.
Shares opened Wednesday up 55 cents, or 7.7%, to $7.65.
