General Electric reported a smaller quarterly loss on Wednesday on lower revenues and a continued slump in aviation, but said it would be cashflow positive in 2021 following cost-cutting moves.

GE chief executive Larry Culp said the company had boosted profit margins in every segment except aviation when currency effects were stripped out.

“We are managing through a still-difficult environment with better operational execution across our businesses, and we are on track with our cost and cash actions,” said Culp.

GE reported a loss of $1.2 billion (€1.02bn) in the quarter, compared with a loss in the year-ago period of $9.5 billion (€8.10bn) that was inflated by a one-time non-cash loss.

Revenues fell 17 per cent to $19.4 billion (€16.54bn).

Larry Culp has taken actions to improve GE’s cash position and business performance, including reorganising the power business, cutting costs and eliminating 13,000 jobs

Demand for GE’s products remains under pressure amid a global economy slowed by the coronavirus outbreak. 

GE’s aviation segment has been especially hard-hit due to a downturn in airline travel that is not expected to fully recover until there is a widely available vaccine for the virus.

But The company boosted profit margins in every segment except aviation. Photo: Sebastien Bozon / AFP in the spring.

During the quarter, GE said it began to launch the world’s largest offshore wind farm, won federal certification for a new fuel-efficient plane engine and introducing new health technology products.