What happened

General Electric (GE -1.76%) reported earnings today, and showed investors the progress it is making in transforming the organization into a leaner company. But revenue was lower than investors expected, and GE shares were down about 3.5% as of 11 a.m. EDT.

So what

The industrial conglomerate reported earnings of $0.03 per share, when analysts expected a $0.01 profit. Though revenue didn't impress investors, free cash flow was higher than expected, and $1.7 billion higher than the previous-year period, excluding the biopharma unit that was sold last year. Most importantly, GE gave investors a look at each segment of its leaner business structure. In addition to the $20 billion biopharma sale last year, last month GE announced a deal valued at more than $30 billion to combine its aircraft leasing business, GE Capital Aviation Services (GECAS), with AerCap Holdings

close up of jet engine fan blades

Image source: Getty Images.

Now what

Aviation continues to be the segment that is struggling the most for the company. While the power, renewable energy, and healthcare segments saw revenue either slightly lower or higher than the year-ago period, aviation revenue declined 28%. GE CEO Larry Culp told CNBC in an interview that the uneven global recovery from the pandemic continued to impact aviation customers

GE said it believes the full-year 2021 outlook is becoming more positive, and sees organic revenue growing in the low single-digits compared to 2020. It believes earnings per share after adjustments will be between $0.15 and $0.25 per share for the year.