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GE's Turnaround Just Took a Huge Step Forward

TheMotleyFool

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GE's Turnaround Just Took a Huge Step Forward

Investors have dumped General Electric (NYSE: GE) stock in 2020, fearing that the COVID-19 pandemic would severely damage the conglomerate's turnaround prospects. GE's second-quarter results provided some basis for that pessimism. Organic revenue for its industrial businesses plunged 20%, the company posted an adjusted net loss of $0.15 per share, and industrial free cash flow was -$2.1 billion.

Fortunately, GE's results improved significantly in the third quarter, despite ongoing pressure from the pandemic. Management expects further progress in the fourth quarter and beyond, paving the way for a sharp rebound in GE stock, which is still down more than 30% year to date.