NEW YORK, April 26 (Xinhua) -- Industrial conglomerate General Electric Company (GE) on Tuesday reported better-than-expected adjusted earnings per share and revenues in the first quarter of 2022, but saw annual earnings to be at the lower end of forecast range.

       GE posted 17.04 billion U.S. dollars of total revenues in Q1 this year, higher than the market estimate of 16.85 billion dollars, but slightly lower than the 17.07 billion dollars in the same period of last year.

       The renewable energy sector and the power sector suffered 12 percent and 11 percent year-on-year decreases in revenues, respectively, while the heavyweight aviation sector and the healthcare sector continued to see expansion in terms of revenues.

       GE earned 0.24 dollars of adjusted earnings per share (EPS) in Q1 this year, up from 0.13 dollars in the same period of 2021, and better than the market estimate of 0.18 dollars.

       GE had 880 million dollars of negative free cash flow in the first quarter this year in contrast to 3.361 billion dollars of negative free cash flow in Q1, 2021, but still higher than consensus estimate of negative 816.5 million dollars by market information supplier FactSet.

       "We're holding the outlook range we shared in January, but as we continue to work through inflation and other evolving pressures, we're currently trending toward the low end of the range," said H. Lawrence Culp, Jr, chairman and chief executive officer of GE.

       GE would realize 5.5 billion to 6.5 billion dollars of free cash flows in 2022 with adjusted EPS ranging from 2.8 dollars to 3.5 dollars, according to its guidance initiated in January.

       GE faces heightened challenges from inflation, impacts of the conflict between Russia and Ukraine, tax policy, demand and execution in the renewable energy sector, in addition to supply chain disruptions and COVID-19 flare-ups, according to a release of the company.

       With its Russian operations suspended, GE recognized 200 million dollars of pre-tax charges in Q1 due to the conflict in Ukraine and relevant sanctions.

       GE share price shed more than 10 percent in the morning session on Tuesday due to its downbeat guidance and drop of the overall equity market.