General Electric (NYSE:GE) shares areup 7.3%premarket after reporting a more than three-fold rise in quarterly profit to $954M, helped by higher sales in aviation, oil and gas, and healthcare, offsetting a loss in renewable energy and much lower earnings in power.
It’s big news for the prior conglomerate, which is working to turn around and simplify its businesses.
GE also confirmed its full-year financial guidance, which includes negative industrial flow generation of $1.2B, a figure CEO Larry Culp said will turn positive in 2020 and continue to accelerate after that.
“This is one quarter in what will be a multi-year transformation, and 2019 remains a reset year for us,” he added. “We continue to focus on reducing leverage and improving the underlying performance of our businesses.”
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