The company announced or completed some $9 billion in "total industrial deleveraging actions" during the quarter. It also reduced external debt at GE Capital by $1 billion. That helped to, in part, offset losses in its aviation unit, where general and equipment orders fell thanks to Boeing's (BA) - Get The Boeing Company Report ongoing grounding of its 737 MAX jet, which uses GE engines.
"We are encouraged by our strong backlog, organic growth, margin expansion, and positive cash trajectory amidst global macro uncertainty," Culp said in a statement. "We are raising our industrial free cash flow outlook again even with external headwinds from the 737 MAX and tariffs, and we are holding our adjusted EPS outlook despite reduced income from moving Baker Hughes to discontinued operations."
GE's closely watched free cash flow (FCF), which is used as a gauge of efficiency, came in at $650 million. The company raised its 2019 forecast for industrial FCF to a range of flat to $2 billion, up from a range of between negative and plus $1 billion, reported TheStreet's M. Corey Goldman.
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