General Electric Co. reported better-than-expected cash performance in the third quarter amid strength in its jet-engine business, helping the manufacturer counter a deterioration in its wind operations and persistent supply-chain challenges.
GE Aerospace sales jumped 24 per cent while profit soared 52 per cent in the period, reflecting demand for maintenance and services by airlines needing to keep their planes in the air during the busy summer travel season. Deliveries of Leap engines for Boeing Co. and Airbus SE narrow-body jets improved more than 50 per cent from the second quarter.
GE’s shares were volatile following the report, falling as much as 8.7 per cent premarket before turning positive and declining again after the start of regular trading. They were down less than 1 per cent at 9:47 a.m. in New York. The company said it would restructure its power-related businesses, focused on the renewable energy unit. The plan, which will generate an expense of about $600 million, should deliver about $500 million in annual savings, it said.