Thursday, December 3, 2020

General Electric Company (GE) Pops Up After Staggering Q3 Earnings Beat

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GE rebounds after a surprise increase in earnings and positive cash flow.

General Electric (GE) makes an astonishing recovery in the third quarter of 2020 after having a bad beating from the COVID-19 pandemic. The company has reported strong industrial free cash flow turned strongly positive during the third quarter and continues to grow during the fourth quarter despite the uncertain economic situation. 


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The analysts were not expecting GE to record such strong outcomes due to heavy suffering from the weakness they are seeing in their aviation unit. 

Yahoo Finance’s Emily McCormick in an interview with Alexis Christoforous and Brian Sozzi during ‘The First Trade’ show highlighted that it seems like CEO Larry Culp’s multi-year turnaround plan is really starting to show signs of progress, especially when it comes to paring back costs and preserving cash.

According to FactSet, the Chief Executive Officer of GE, Lawrence Culp said that the company is transforming and speeding up its progress. Culp stated:

“We rise to the challenge of building a world that works. This is true than ever as we continue to deliver for our customers and tackle the world’s biggest challenges, from precision health to the safe return to flight to the energy transition.”

GE is still facing issues but it is getting better as time goes on. The company is on track with its cost and cash actions. GE expects industrial free cash flow to be at least $2.5 billion in Q4 and positive in 2021. 

The company surpassed the consensus estimate of Wall Street. The revenue increased to $19.42 billion compared to $18.73 billion forecasted by analysts surveyed by Refinitiv. The earnings per share were estimated to be in a loss of $0.4 per share which the company reported quite opposite with a profit of $0.6 per share.

In addition, the other major factor which surprised investors the most was positive industrial free cash flow of $514 million compared to the analysts’ estimate of a negative $1.03. Investors are still focusing on that surprise profit and positive free cash flow which is keeping the stock bullish.

General Electric (GE) is looking forward to implementing its plan for a steep market decline through the next quarter and likely multiyear recovery.

General Electric stock rallied up to 5% in the premarket on Wednesday followed by strong Q3 results. GE closed at $7.43 up by 4.58% compared to the previous close of $7.10. The trading volume was massively high to 253 million. 

GE has continued the bullish momentum from yesterday’s trading session and has traded up by more than 2% in the premarket today. As we write this at 9:59 A.M. EDT, General Electric (GE) was trading at $7.66 soaring by 3.17%. 

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