October 24, 2023 — General Electric (NYSE:GE) announced results today for the third quarter ending September 30, 2023.
GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, “GE delivered another quarter of very strong results with double-digit growth in revenue, profit, and cash. At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in Commercial Engines and Services. At GE Vernova, our Grid and now Onshore Wind businesses were both profitable this quarter and we expect their performance to continue to improve. With our two largest Renewable Energy businesses delivering and Power’s continued strength, we remain highly confident in GE Vernova’s spin-off next year.”
Culp concluded, “Based on our year-to-date results and continued momentum in the fourth quarter, GE is raising full-year 2023 guidance. We’re well-positioned to launch GE Aerospace and GE Vernova as independent companies in the beginning of the second quarter. I’m more excited than ever about our path ahead.”
Highlight
- Total orders of $17.9B, +19%; organic orders +18%
- Total revenues (GAAP) of $17.3B, +20%; adjusted revenues $16.5B, +18% organically
- Profit margin (GAAP) of 1.7%, +330 bps; adjusted profit margin 9.8%, +760 bps organically
- Continuing EPS (GAAP) of $0.08, +$0.36; adjusted EPS $0.82, +$0.99
- Cash from Operating Activities (GAAP) of $1.9B, +$1.1B; free cash flow $1.7B, +$1.0B
