General Electric reported revenue of $17.7 billion for the second quarter, slightly beating analyst estimates, but the company recorded a loss of 15 cents per share.

Analysts had expected a loss of 10 cents per share, according to a survey by Refinitiv.

“Our earnings performance was impacted by the ongoing impact of COVID-19 on our businesses, but industrial free cash flow was better than our expectations and previously communicated range,” CEO Larry Culp said in a statement. “We made faster progress on elements within our control, including our targeted cost and cash preservation actions.”

The company also reported a loss of $2.1 billion in industrial free cash flow, beating its own guidance from earlier this year. Analysts had expected the company to burn through more than $3 billion in the second quarter.

It said its near-term liquidity needs were reduced by $10.5 billion during the quarter and was working to cut costs by more than $2 billion.

GE reported revenue from power was $4.16 billion and revenue from renewable energy was $3.51 billion, both above FactSet estimates. Revenue from aviation was $4.38 billion, below expectations.

“With respect to those things that are within our control, we think health care is well-positioned to lead, the turnarounds in power and renewables continue, and we’re expecting a multiyear recovery in aviation,” Culp said later on a call with analysts.

GE said it was planning to completely sell off its position in the oil services company Baker Hughes over a period of about three years, using proceeds from the sale to reduce its debt.

The company disclosed it owned more than 377 million shares in the company, with a market value of just under $6 billion as of Tuesday’s closing stock price.

Shares were down more than 4.8% in midday trading. GE’s stock price is down more than 38% for the year.

Shares of Baker Hughes are down 38% year-to-date.

Hussein Faleh/AFP via Getty Images

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