GE post $2 billion loss as jet engine orders sink

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General Electric Co. posted a roughly $2 billion quarterly loss as revenue tumbled 24%, hurt by a steep decline in a jet-engine business that has been hobbled by the coronavirus pandemic.

The aviation business, once a profit engine for GE, swung to a loss in the June quarter as both revenue and orders plunged. The unit produces engines for Boeing Co. and Airbus SE planes but has had to cut production and jobs as airlines delay orders. On Wednesday, Boeing said it would cut further production of commercial jets.

GE reported it burned through less cash in the June quarter than it had previously warned. The company reported adjusted negative cash flow from industrial operations of $2.1 billion, compared with its projection of negative $3.5 billion to $4.5 billion in May. Analysts were expecting negative cash flow of $3.29 billion, according to FactSet.

"We're working through a still-difficult Covid-19 environment," said CEO Larry Culp, adding that he still expected a prolonged recovery for the commercial-aviation business. "Still, based on what we see today and the actions we've taken, sequential improvement in earnings and cash in the second half of the year is achievable."