GE says coronavirus epidemic dealt $1 billion blow to cash flow in the first quarter

  • Boston-based General Electric Co (GE.N) said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter.
  • Total revenue fell almost 8%.
  • Company warned the damage would worsen in the next three months.
  • 700 workers at its power division cut.
  • Says they are bracing for repossession of some aircraft by its GECAS leasing unit.
  • One comparative bright spot was GE’s healthcare business, where demand for coronavirus-related products rose 1.5 to 2 fold.

Source: Reuters