General Electric cut third quarter losses by cutting expenses and managing to post adjusted profit that surprised Wall Street
GE lost $ 1 19 billion, or 13 cents per share, for the three months ended September30 A year earlier, the Boston-based company had lost $ 9 47 billion, or 15 cents per share
Profit, adjusted for one-time costs and asset depreciation costs, was 6 cents per share This exceeded the expectations of analysts polled by Zacks Investment Research, who claimed a loss of 6 cents per share
« We are managing in a still challenging environment with better operational execution across our business, and we are on the right track with our cost and cash actions, » H CEO Lawrence Culp Jr said in a press release
GE has reduced its debt by $ 2.6 billion in the third quarter For the year to date, it has reduced debt by $ 11 billion, of which $ 8 billion is GE industrial debt and $ 3.6 billion is GE Capital debt
Quarterly revenues reduced to $ 1942 billion from $ 2336 billion, but still exceeding the $ 1915 billion analysts predicted
Earlier this month, GE said federal regulators could take action against it for possible violations of securities laws, signaling a new phase in ongoing federal investigations into the accounting practices of the society
GE is the subject of multiple federal investigations The SEC has examined the company’s $ 22 billion depreciation of its electrical division, which was disclosed two years ago The company said the charge was related to GE’s acquisition of Alstom, a French electricity and grid company that GE acquired just before the gas turbine market hit its peak
The SEC also investigated how GE was hit by $ 15 billion after a subsidiary, North American Life & Health, miscalculated the cost of caring for people who lived longer than expected
The Justice Department also investigated GE’s accounting practices After one of the polls, the company agreed to pay a civil fine of $ 1.5 billion in 2019 for alleged misrepresentation of the subprime loans included in residential mortgage-backed securities
General Electric, NYSE: GE, Revenue, H Lawrence Culp Jr, Stocks, Financials
World News – US – General Electric Q3 Adjusted Profit Surprises Wall Street
