GE reported total revenues of $17.1bn, down 12% YoY with non-GAAP EPS at 3 cents a share vs 2 cents in the same period last year. GE noted that GE Power’s orders fell 12% to $3.6bn while Aviation revenues plunged 28% to ~$5bn on the back of the grounding of Boeing’s 737 MAX and a significant slump in demand for passenger aircraft hammered the division’s top line. GE said that its GECAS and AerCap transaction focused on GE’s industrial core and expects to use proceeds to further reduce debt for a total reduction of more than $70bn since the end of 2018. CEO Larry Culp said, “We are improving our cash performance and profitability with Industrial free cash flow growth of $1.7bn year-over-year, excluding BioPharma, and organic margin expansion across all segments, except Aviation. This continued progress sets us up well to deliver on our 2021 commitments.”
GE’s bonds were stable – its 4.1% Perp was at 90.5, yielding 10.6%.