General Electric Co lost less cash than estimated in the second quarter even as the coronavirus pandemic pummeled demand in its aviation business, resulting in a wider-than-expected quarterly loss.
FILE PHOTO: The logo of U.S. conglomerate General Electric is seen on the company building in Belfort, France, October 19, 2019. REUTERS/Vincent Kessler
The Boston-based industrial conglomerate reported cash outflow of $2.1 billion from industrial operations, a tad lower than a quarter ago and much below than its own estimate of between $3.5 billion and $4.5 billion for the quarter. The unit reported a quarterly loss of $680 million on the back of a 44% drop in revenues. Orders were down an annual 56% during the quarter.
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