GE Earnings: Not Good, but Better Than Feared
In recent years, General Electric (NYSE: GE) has relied heavily on its aviation business as its main profit driver. Strong growth in the global aviation market powered a series of stellar annual profits for GE Aviation, helping to offset weakness in other divisions that are undergoing lengthy turnaround efforts.
As such, the collapse of the global aviation market this year due to COVID-19 weighed heavily on GE's second-quarter results. Fortunately, the impact on cash flow was lower than management had previously projected. Furthermore, there are encouraging signs that the worst may be over for GE.
General Electric's total revenue fell 24% year over year to $17.8 billion in the second quarter. On an organic basis, industrial revenue declined 20%.
Source Fool.com
