General Electric Co. reported higher orders for its industrial machinery and raised its goal for cash flows this year, as the manufacturer continues to recover from pandemic-induced shocks to the global economy.
GE said its second-quarter revenue rose 9% to $18.3 billion from the year-ago period, when airlines grounded planes and canceled jet purchases as Covid-19-related lockdowns took hold.
The company reported another quarterly net loss on Tuesday, but said it had an adjusted profit that topped Wall Street’s expectations excluding one-time charges.
“We’re encouraged by the early signs of the recovery,” Chief Executive Larry Culp said on a conference call Tuesday. “While we recognize that many are still facing continued challenges with new Covid spikes and variants, we’re seeing our businesses return to growth this quarter.”
The company said it expects to generate free cash flow from its industrial operations between $3.5 billion and $5 billion for the full year, excluding discontinued operations and finance charges. On that basis, it had previously projected $2.5 billion to $4.5 billion in cash flow.
