Shares of General Electric Co. GE, +0.15% sank 2.3% in premarket trading Tuesday, reversing an earlier gain of as much as 1.3%, after the industrial conglomerate swung to a first-quarter loss, but reported adjusted profit that topped expectations while revenue fell shy. The net loss for the quarter was $2.87 billion, or 33 cents a share, after net income of $6.16 billion, or 70 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 3 cents, beating the FactSet consensus of a penny per share. Total revenue fell 12% to $17.12 billion, below the FactSet consensus of $17.59 billion, as its Power, Renewable Energy and Aviation business segments came up short of expectations while Healthcare beat forecasts. Industrial free cash flow (FCF) came in at negative $800 million, while the average estimate of the two analysts who provided estimates to FactSet was $1.21 billion. “We are shifting more toward offense and capturing opportunities in the energy transition, precision health, and future of flight,” said Chief Executive Larry Culp. “I am confident we are well positioned to drive profitable growth, achieving high single digit free cash flow margins over time and creating long-term value for shareholders.” For 2021, GE affirmed its guidance ranges for adjusted EPS of 15 cents to 25 cents and for FCF $2.5 billion to $4.5 billion. The stock has run up 19.2% over the past three months through Monday, while the SPDR Industrial Select Sector ETF XLI, -0.30% has advanced 18.6% and the S&P 500 SPX, +0.18% has gained 11.7%.