The company also reaffirmed its full-year free cash flow and earnings per share outlook. The reaffirmation, however, disappointed investors who were expecting an upgrade in-line with other multi-industry rivals that have raised their earnings forecast.
In a phone interview, Chief Executive Larry Culp said the company would update its outlook once it has a better idea how its aviation business would perform in the remainder of the year.
The company reported a $2.9 billion loss, compared with profits of $6.2 billion in the year-ago period, when GE booked a large gain from a divestiture.
Despite the profitability, S&P Global Ratings warned of GE's indebtedness at 5.9-times earnings last year, which it attributed to the aviation division's pandemic troubles.
Biden wants to spend another $1.9 trillion to help the country's recovery from the pandemic, but Peter Cardillo of Spartan Capital Securities warned US indices may be set to decline no matter what.
