2020-05-07 10:45:00
GE NET EARNINGS $6.2 BLN
GE - April 29, 2020 - GE ANNOUNCES FIRST QUARTER 2020 RESULTS
COVID-19 challenged first-quarter results; taking swift action to mitigate impact and solidify financial position
• Total orders $19.5B, (5)%; organic orders (3)%
• Total revenues (GAAP) $20.5B, (8)%; Industrial organic revenues* $18.9B, (5)%
• Industrial profit margin (GAAP) of 34.9%, +2,960 bps; adjusted Industrial profit margin* 5.8%, (410) bps
• Continuing EPS (GAAP) of $0.72, including a $11.1 billion after-tax gain following the sale of BioPharma
and a $4.6 billion after-tax unrealized loss on marking GE's investment in Baker Hughes to market;
adjusted EPS* $0.05
• GE CFOA (GAAP) $(1.7)B; Industrial free cash flow* $(2.2)B
GE Chairman and CEO H. Lawrence Culp, Jr. said, "During this unprecedented pandemic, the GE team is focused on protecting the safety of our employees and communities, serving customers in their critical time of need, and preserving our strength for the long term. GE is delivering critical infrastructure and services across the globe, including our teams at Healthcare supporting caregivers who diagnose and treat COVID-19 patients every day."
Culp continued, "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. We are targeting more than $2 billion in operational cost out and $3 billion of cash preservation to mitigate the financial impact, and we executed a series of actions to de-risk and de-lever our balance sheet amid a challenging environment. While there are many unknowns, there will be another side—planes will fly again, healthcare will normalize and modernize, and the world still needs more efficient, resilient energy. We're embracing today's reality and accelerating our multi-year transformation to make GE a stronger, nimbler, and more valuable company."
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Earlier:
2018, November, 14, 11:35:00
BHGE, GE MAXIMIZES VALUE
GE - Baker Hughes, a GE company and General Electric Company Announce a Series of Long-Term Agreements to Maximize Value for Both BHGE and GE
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2017, July, 5, 12:10:00
GE & BAKER HUGHES DEAL
General Electric Co. closed its deal to combine its long-suffering energy business with Baker Hughes Inc. on Monday, creating one of the largest companies in the oil-field services industry.
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2015, June, 21, 16:55:00
ROSNEFT & GE LNG
Itera, a 100% Rosneft subsidiary, and General Electric signed an agreement of intent regarding natural gas processing cooperation at the St. Petersburg International Economic Forum.
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