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GE swings to loss, but outlook is improving

GE swings to loss, but outlook is improving

ECONOMIC NEWS

GE swings to loss, but outlook is improving


General Electric Co. swung to a loss during the second quarter, but its outlook improved as it continues to right its troubled power division.

GE also took a hit from the grounding of Boeing’s 737 Max planes. GE helps make engines for the advanced aircraft and said Wednesday that it lost $300 million in the quarter due to the groundings. It anticipates losing $400 million per quarter in the second half of the year if that continues.

GE lost $61 million, or 3 cents per share in the quarter. Revenue slipped 1% to $28.83 billion.

Shares are up almost 4% before the opening bell.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GE at https://www.zacks.com/ap/GE



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