By Michael Dabaie

 

General Electric Co. shares were down 7% to $90.08 in morning trading after quarterly revenue missed analyst views.

GE reported fourth-quarter revenue of $20.3 billion, down 3% and below FactSet consensus for $21.3 billion.

Full-year 2021 revenue was $74.2 billion, down 2% and missing FactSet consensus for $74.8 billion.

"Orders for the year were up double digits, supporting faster growth going forward, while supply chain challenges, commercial selectivity, and uncertainty surrounding the U.S. wind production tax credit impacted our top-line," said Chief Executive H. Lawrence Culp Jr.

"We're seeing real momentum and opportunities for sustainable profitable growth from near-term improvements in GE's businesses, especially as Aviation recovers and our end markets strengthen," Mr. Culp said. "Our dramatic debt reduction means we can further intensify efforts to strengthen our operations and play offense, setting us up to deliver between $5.5 to $6.5 billion free cash flow in 2022 and more than $7 billion in 2023."

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

January 25, 2022 11:43 ET (16:43 GMT)

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