(Reuters) - U.S. industrial conglomerate General Electric Co reported a $666 million profit from continuing operations for the fourth quarter, recovering from a $11.2 billion loss a year ago, as it accelerated restructuring under a new chief executive.
GE's profit totaled 8 cents a share, compared with a loss of $1.29 a share a year ago. On an adjusted basis, GE earned 17 cents a share, below analyst estimates of 22 cents, according to Refinitiv IBES data. Revenue rose 5 percent to $33.3 billion, higher than estimates of $32.6 billion.
GE's closely-watched cash flow from operations slipped to $6.4 billion in the quarter from about $7 billion last year, and was down 80 percent to $2.3 billion for the full year, due to outflows in prior quarters.
GE's ailing power division lost $872 million in the quarter and its GE Capital finance arm lost $177 million, GE said. Other units posted profits, including $1.7 billion in aviation.
"Our strategy is clear: de-leverage our balance sheet and strengthen our businesses, starting with Power," GE Chief Executive Officer Larry Culp said in a statement.
(Reporting by Alwyn Scott in New York and Rachit Vats in Bengaluru; Editing by Saumyadeb Chakrabarty and Nick Zieminski)
Disclaimer: No Business Standard Journalist was involved in creation of this content
