The Strategist

General Electric's net loss narrows almost fivefold

04/27/2022 - 06:12

General Electric Co. (GE), a diversified technology firm based in the United States, reported a roughly five-fold drop in first-quarter loss, according to the company's financial records.

Chuck Miller
Chuck Miller
For the period, the diluted loss per share was $0.99, compared to $2.61 a year ago. The period's revenue was $17.04 billion, down marginally from $17.071 billion the previous year. Analysts expected a $16.9 billion number.

"We are keeping the forecast range we published in January," chairman H. Lawrence Culp, Jr. said in a press release, "but we are sliding towards the lower end of the range owing to inflation and other changing factors."

The company forecasted adjusted profits per share of $2.8-3.5 in 2022 and free cash flow of $5.5-6.5 billion in January.

General Electric is a global conglomerate with interests in infrastructure, finance, and media.