GE Third Quarter 2020 Results

CEW GE logo 400

Nov 10, 2020

GE Chairman and CEO H. Lawrence Culp, Jr. said, “I am proud of the GE team’s work in the third quarter to build momentum while continuing to protect the safety of our employees, serve our customers and communities, and preserve GE’s strengths. We are improving our profit and cash performance with organic margin expansion in every segment except Aviation, though orders more broadly remain under pressure.”

Culp added, “We are managing through a still-difficult environment with better operational execution across our businesses, and we are on track with our cost and cash actions. While our work continues, GE’s transformation is accelerating, and we expect Industrial free cash flow to be at least $2.5 billion in the fourth quarter and positive in 2021. We remain focused on unlocking upside potential for the long term.”

GE continues to take action on its priorities:

Strengthened operational execution, delivering sequential improvement in organic revenue growth, operating margins, and Industrial free cash flow* in all segments in the third quarter. GE has also realized 75% of its target of more than $2 billion of cost actions and more than $3 billion of cash actions in 2020.

Reduced debt by $11.7 billion year to date, including $8.1 billion in GE Industrial debt and $3.6 billion in GE Capital debt. GE also reduced debt by $2.6 billion in the third quarter.

Continued to mark new innovation and technology milestones, including:

Gas Power is supplying the first purpose-built hydrogen-burning power plant in the U.S. with 7HA.02 turbines, which can transition to 100% hydrogen over time. GE-Hitachi Nuclear Energy and TerraPower also won U.S. Department of Energy funding for their NatriumTM sodium-fast reactor.

Renewable Energy launched the uprated 13-megawatt Haliade-X offshore wind turbine to power what will become the world’s largest offshore wind farm, at Dogger Bank.

The U.S. Federal Aviation Administration (FAA) certified Aviation’s GE9X engine, the world’s most powerful commercial aircraft engine and designed to be the most fuel-efficient GE has ever built.

Healthcare introduced several AI-enhanced Healthcare solutions, including its Vivid Ultra Edition cardiovascular ultrasound. It also more than quintupled production capacity for the CARESCAPE R860 ventilator this year and partnered with Ford to deliver 50,000 Airon-licensed ventilators.

Launched $3 billion aviation leasing investment venture with PIMCO, providing financing to help airlines upgrade their fleets with new and young fuel-efficient aircraft at a critical time for the industry.

Announced it will pursue an exit from the new build coal power market1 and continue to focus on and invest in its core renewable energy and power generation businesses.

Set new goal of carbon neutrality in its own operations by 2030 after achieving 2020 greenhouse gas emissions target one year ahead of schedule.

Go HERE for the full report

Related Articles


Changing Scene

  • RENO Lighting Announces New Vice President of Sales

    RENO Lighting Announces New Vice President of Sales

    It is with great excitement that RENO Lighting introduces Jean-Claude Lespérance as Vice President of Sales at RENO Lighting. With over 35 years of experience in the Canadian electrical industry, Jean-Claude brings extensive knowledge of the market and strong relationships with key industry stakeholders, suppliers, and customers. Holding a college diploma in Electrodynamics and a… Read More…

  • Contact Delage Announces New Partnership with Zilux

    Contact Delage: New Representation Agreement – Zilux

    Contact Delage is pleased to announce a new partnership with Zilux for the representation of their products in the regions of Montreal, Laval, Estrie, Lanaudière, Laurentides, and Montérégie. Specializing in the design of aluminum lighting and urban furniture, Zilux, a Quebec-based manufacturer, combines innovation and durability to enhance your outdoor design projects. Their expertise in… Read More…


Design

  • Light ARchitect Is Revolutionizing Lighting Design for Architects & Designers

    Light ARchitect Is Revolutionizing Lighting Design for Architects & Designers

    Traditionally, lighting design could be a tedious process, often involving physical mockups, time-consuming calculations, and static renderings using multiple software tools. With advancing technology, these traditional methods are giving way to more sophisticated tools that enhance precision, speed, and visualization. On the downside, many of the new tools are not particularly intuitive and the learning… Read More…

  • Project Story: Sainte-Thérèse High School Outdoor Lighting Upgrade

    Project Story: Sainte-Thérèse High School Outdoor Lighting Upgrade

    August 6, 2024 Built in 1980, the building that houses Sainte-Thérèse high school, in Quebec Canada, was looking a little worse for the wear. Renovation work began with two major projects: introducing a multidisciplinary sports centre, as well as redesigning the parking lots.  The employee and visitor parking lots were completely reconfigured during phase 1… Read More…


New Products

  • Amico: Lunar Night Light – Behavioral Series

    Amico: Lunar Night Light – Behavioral Series

    Behavioral Health Lunar Series Night Lights bring a soft, low-level illumination to the patient room allowing clinical staff and patients to navigate safely in the dark, evening hours. The unique faceplate has minimal protrusion from the wall and provides even light distribution for optimal sight. For ultimate convenience, the Lunar Night Light is available with… Read More…

  • Barbican: Aerie Acoustic Pendant Luminaire

    Barbican: Aerie Acoustic Pendant Luminaire

    With its design aesthetic paying tribute to the large nest of a bird of prey, typically built high in a tree or on a cliff, the Aerie fixture is a variation of our Drum luminaire, one of the most popular and versatile options from Barbican. Aerie helps to add some silence as well as aesthetic… Read More…