Shares of General Electric (NYSE: GE) are down by 3.6% after the company reported lower-than-expected Q1 revenue.

GE reported its revenue fell by 12% to $17.12 billion in revenue to miss on the $17.5 billion estimated by analysts. On an adjusted basis, the company made a profit of $0.03 per share compared with $0.02 a year earlier, and higher than the Street consensus of $0.01.

Lawrence Culp, GE Chairman and CEO, described Q1 as a “solid” quarter delivered in a “difficult environment for Aviation.”

“We are improving our cash performance and profitability with Industrial free cash flow growth of $1.7 billion year-over-year, excluding BioPharma, and organic margin expansion across all segments, except Aviation. This continued progress sets us up well to deliver on our 2021 commitments,” he said.

“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.”

The Boston-based company reported a cash outflow of $845 million, which is much better than the expected cash outflow of $1.3 billion. In the year-ago period, GE posted an outflow of $2.2 billion.

Its main Aviation business generated sales of $4.99 billion in Q1 to mark a plunge by 28% from a year ago and lower than analysts’ estimate of $5.31 billion. GE also reiterated its key 2021 guidance metrics.

Despite a revenue miss, RBC Capital Markets analyst Deane Dray is still positive on the outlook for GE.

“Considering the ongoing COVID uncertainty and supply chain pressures, we would expect there is a healthy amount of conservatism baked into the forward-looking views. When we step back from these as-expected 1Q21 results, we continue to believe there is plenty of runway for the GE turnaround bull case here,” the analyst commented in a note to clients.