General Electric's 3Q adjusted profit surprises Wall Street

FILE - In this Aug. 16, 2019, file photo the logo for General Electric appears above a trading post on the floor of the New York Stock Exchange.  General Electric narrowed its losses in its third quarter as it trimmed expenses and managed to post an adjusted profit that surprised Wall Street.  (AP Photo/Richard Drew, File)
FILE - In this Aug. 16, 2019, file photo the logo for General Electric appears above a trading post on the floor of the New York Stock Exchange. General Electric narrowed its losses in its third quarter as it trimmed expenses and managed to post an adjusted profit that surprised Wall Street. (AP Photo/Richard Drew, File) (Copyright 2019 The Associated Press. All rights reserved)

General Electric narrowed its losses in its third quarter as it trimmed expenses and managed to post an adjusted profit that surprised Wall Street.

GE lost $1.19 billion, or 14 cents per share, for the three months ended Sept. 30. A year earlier the Boston-based company lost $9.47 billion, or 15 cents per share.

Earnings, adjusted for one-time costs and asset impairment costs, were 6 cents per share. That beat the expectations of analysts surveyed by Zacks Investment Research, who were calling for a loss of 6 cents per share.

Total costs and expenses dropped to $20.56 billion from $24.77 billion.

“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," CEO H. Lawrence Culp Jr. said in a statement.

GE lowered its debt by $2.6 billion in the third quarter. For the year to date, it has reduced debt by $11.7 billion, including $8.1 billion in GE Industrial debt and $3.6 billion in GE Capital debt.

Quarterly revenue declined to $19.42 billion from $23.36 billion, but still topped the $19.15 billion that analysts predicted.

Shares of General Electric Co. rose 62 cents, or 8.7%, to $7.72 in Wednesday morning trading.