REUTERS: General Electric Co said on Tuesday first-quarter profit from its continuing operations more than tripled, helped by higher sales in its aviation, oil and gas, and healthcare units.The company stuck to its full-year forecast for earnings, but said problems with Boeing Co's 737 MAX jet presented a"new risk" for GE, which makes engines for the plane with partner Safran SA of France.
GE reported US$1.2 billion in negative cash flow from its industrial business, much better than the US$2.16 billion outflow that analysts, on average, were expecting. Chief Executive Officer Larry Culp had set low earnings targets in March and warned that GE's industrial cash flow could be negative by as much as US$2 billion.
Culp had said this"reset" would result in negative cash flow at its ailing power business through 2020 before turning positive in 2021. GE wrote down US$22 billion in goodwill at the unit last year.In the latest quarter, power orders fell 14 percent and profit fell 71 percent to US$80 million on revenue of US$5.7 billion, down about 22 percent from a year earlier, GE said.
Earnings from continuing operations attributable to GE shareholders rose to US$954 million in the first quarter ended March 31 from US$261 million a year earlier.On an adjusted basis, GE earned 14 cents per share. Analysts had expected 9 cents per share, on average.Total revenue fell 2 percent to US$27.29 billion, above analysts' average estimate of US$27.05 billion.
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