(Reuters) – General Electric Co (N:) swung back to a financial loss in the second quarter, as the restructuring of its ailing power business drained more cash than expected from its otherwise profitable industrial unit.
The company said it had lost $600 million in cash flow in relation to the groundings of Boeing’s 737 MAX planes would take a hit of $400 million (£328.8 million pounds) per quarter in the second half of the year if the groundings continued.
It said its loss from continuing operations attributable to shareholders was $291 million in the quarter ended June 30, compared to a profit of $679 million a year earlier.
Loss per share from continuing operations was 3 cent from profit of 8 cents, the company said, adding that the
On an adjusted basis, GE earned 17 cents per share.
Total revenue fell 1.4% to $28.8 billion.
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