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

  • Curtis Linder Joins LightForm as Account Executive in Toronto

    LightForm is excited to announce the appointment of Curtis Linder as Account Executive for the Toronto market. Curtis brings over 15 years of extensive sales experience in the luxury furniture industry, honed during his tenure at ELTE, where he was responsible for managing the needs of over 130 Interior Design and Architecture firms. His deep… Read More…

  • Eureka Wins Multiple GRANDS PRIX DU DESIGN Awards

    Eureka is pleased to announce that it has received seven awards in the 17th edition of the GRANDS PRIX DU DESIGN Awards, all in the Product/Industrial Design/Lighting Fixture-Indoor category. Joli and Marro received GOLD CERTIFICATION, Frank, Tangram-Essential, and Tangram-Cut received SILVER CERTIFICATION, and Elke and Tangram-Tact were recognized with a BRONZE CERTIFICATION. Read More…


Design

  • 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…

  • Resilience Illuminated: Reviving Westminster Pier Park After Devastating Fire

    Resilience Illuminated: Reviving Westminster Pier Park After Devastating Fire

    In September 2020, the picturesque city of New Westminster near Vancouver in British Columbia suffered a devastating setback when an intentionally set fire destroyed much of the city’s waterfront park, including its urban beach, sand volleyball courts, and iconic art installation known as Wow Westminster. The fire, which burned for ten days before firefighters could… Read More…


New Products

  • Leviton Launches 400 Amp Load Center to Meet Increasing Residential Electrical Needs

    Leviton Launches 400 Amp Load Center to Meet Increasing Residential Electrical Needs

    Leviton recently announced the launch of its first-ever 400 Amp Meter Main Load Center, along with a 300 Amp model. This innovative addition to Leviton’s product line is designed to meet the growing demand for larger electrical service in large-scale residential applications, highly electrified homes, and future-proofing installations. With this new offering, Leviton continues to… Read More…

  • MaxLite: EasyRF – Simple Room-Based Wireless Lighting Controls

    MaxLite: EasyRF – Simple Room-Based Wireless Lighting Controls

    MaxLite is proud to announce the launch of EasyRF, an innovative room-based wireless lighting control system that expands the company’s c-Max Lighting Controls platform. EasyRF represents a user-friendly and cost-effective solution designed to seamlessly integrate luminaire level lighting controls (LLLC) for both new construction and retrofit projects. This innovative system is designed to create groupable wireless… Read More…