News
GE's aviation business profit falls 36% in first three months of year
April 28th 2021
GE's aviation business overnight reported a profit of US$641 million for the three months to March 31, 2021, down 36% from US$1.003 billion a year ago. Read More » Revenue declined 28%, to US$5 billion, GE said in a regulatory filing. Orders for the quarter were lower by 26% year-on-year, at US$5.5 billion. GE CEO, Lawrence Culp, said there were about 400 cancellations for the company's LEAP-1B engines for the reported period. The environment for aviation remained difficult, but a recovery was expected later in 2021, Culp forecast. "As the aviation end market recovers, which we believe will begin in the second half, we expect to deliver on our 2021 outlook of revenue growth, margin expansion and better cash generation," he said at GE's results presentation.
