GE Adds Another Page to Its Turnaround Story
CEO Larry Culp is proving he can manage through the pandemic and keep GE's comeback alive.
GE is slowly but surely turning itself around.
Photographer: Aaron M. Sprecher/Bloomberg
General Electric Co.’s turnaround is back on track.
The industrial giant on Wednesday reported a surprise marginal profit for the third quarter and positive free cash flow of $514 million. Analysts had been bracing for another period of decline after GE burned through more than $4 billion in cash in the first half of the year amid a drastic slump in its top-performing aviation unit because of the pandemic. One big reason they were expecting a drop? GE’s own commentary and the decision to lower the bar on a big equity award for CEO Larry Culp seemed to signal a recovery was being pushed further out.