GE posts surprisingly strong first quarter, sending its shares and bonds higher
- General Electric Co said on Tuesday it generated more profit and lost less cash than expected in the first quarter, suggesting an improving outlook under its new leader that sent its shares and bonds higher.
GE’s shares were up 3.9% at $10.11 at midday, after the call. They had risen more than 10% before the market opened. GE took a string of multibillion-dollar writedowns last year, so the slowing in cash outflows in the latest quarter raised hopes that its fortunes have started to improve. Profit margins also contracted at GE’s aviation, power and renewable energy businesses, the three core units that GE plans to retain as it undergoes a break-up announced last year.
Some saw signs that the power unit’s prospects will improve. “This was a business that everyone gave up as dead ... but is more than able to fend for itself,” William Blair & Co analyst Nicholas Heymann told Reuters.
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