General Electric posts quarterly profit as biz recovers from pandemic lows

General Electric Co on Wednesday unexpectedly reported a quarterly profit and a positive cash flow on the back of cost cuts and improvements in its power and renewable energy businesses, sending its shares higher in pre-market trading.

The Boston-based industrial conglomerate reported a free cash flow of $514 million from industrial operations in the third quarter, compared with an outflow of $2.1 billion in the previous quarter and Refinitiv’s average analyst estimate of an outflow of $876 million.

GE said it expects industrial free cash flow to be at least $2.5 billion in the fourth quarter and positive in 2021.

Adjusted profit for the quarter came in at 6 cents per share compared with Refinitiv’s average analyst estimate of a loss of 4 cents per share.