General Electric (NYSE:GE) reported on Wednesday a revenue figure for the second quarter that slightly beat analyst expectations, sending the stock higher. However, the industrial giant’s bottom line took a bigger-than-expected hit as the company weathers the coronavirus pandemic.
Revenues for the Wall Street giant came in at $17.7 billion, above the $17.12 billion forecast.
The company lost, however, 15 cents a share, compared to the loss of 10 cents a share forecast.
GE’s stronger-than-forecast revenues were mainly driven by sales in the company’s power and renewable energy divisions. Revenues from power came in at $4.16 billion and renewable energy raked in $3.51 billion, both topping estimates. Revenues from aviation disappointed, totaling $4.38 billion.
The company also reported a loss of $2.1 billion in industrial free cash flow, which was better than the guidance issued by GE earlier this year.
The company said it continued working toward cost reductions of more than $2 billion. GE added its “near-term liquidity needs” were reduced by $10.5 billion in the second quarter.
GE shares have taken a big hit this year, dropping more than 38% in that time as the coronavirus pandemic shut down the economy and slowed air travel to a crawl. More than four million coronavirus cases have been confirmed in the U.S. alone, according to Johns Hopkins University.
Shares in GE took some time to get going Wednesday, gaining but 2.23 cents to $6.91