GE (NYSE:GE) announced results for the third quarter ending September 30, 2019.

GE Chairman and CEO H. Lawrence Culp, Jr. said, "Our results reflect another quarter of progress in the transformation of GE. We are encouraged by our strong backlog, organic growth, margin expansion, and positive cash trajectory amidst global macro uncertainty. 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."

Culp continued, "This quarter, during strategy reviews with each of our businesses, we identified and prioritized operating improvements and growth investments that will drive sustainable results. We have more work to do, and we will continue to take actions to improve our financial position and strengthen our businesses as we prepare for 2020 and beyond. I remain confident that we will unlock value for GE's stakeholders as our transformation accelerates."

GE continued to take action to improve its financial position and strengthen its businesses:

• Sold down remainder of its common shares in Wabtec, which resulted in $1.6 billion of net cash proceeds (~$6 billion in total), and part of its stake in Baker Hughes, which resulted in $3 billion of net cash proceeds (~$6.7 billion to date).
• Announced or completed more than $9 billion of total Industrial deleveraging actions, including completing a ~$5 billion debt tender, repaying a portion of the intercompany loans from GE Capital, and announcing multiple changes related to U.S. pension benefits that GE expects will reduce its Industrial net debt* by $4-6 billion through 2020.
• Reduced external debt at GE Capital by $1 billion in the quarter ($5 billion year to date) and assets by ~$2 billion in the quarter ($3.6 billion year to date) and announced the sale of PK AirFinance.
• Continued to stabilize Power, manage production ramp in Renewable Energy with minimal disruptions, and commercialize new products across GE's businesses.

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