GE Reports Earnings on Wednesday: What to Watch
Just when General Electric's (NYSE: GE) turnaround seemed to be gaining steam earlier this year, the COVID-19 pandemic crushed its results. Indeed, the pandemic negatively impacted nearly every part of the storied industrial conglomerate's business.
That said, there are signs that the worst of the crisis may have passed for General Electric. The company's third-quarter earnings report this week will include important information that should help investors gauge whether GE is truly getting back on track.
Three months ago, GE reported a 20% organic revenue decline for its industrial businesses. The aviation unit was hit hardest, with revenue down 44% year over year organically. Aircraft manufacturers slowed production (reducing sales of jet engines), while airlines dramatically reduced flight activity, leading to lower service revenue. The company also reported organic revenue declines of 9% for the power segment and 4% for its healthcare unit, as some power projects were delayed and hospitals performed fewer medical procedures due to COVID-19.
Source Fool.com
