BOSTON — GE announced results today for the second quarter ending June 30, 2022.
GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, “The GE team delivered a strong second quarter with growth in orders, revenue, and profit, as well as positive free cash flow. Aerospace was a key driver of our performance this quarter as the industry recovery builds momentum. In higher-margin services, GE delivered double-digit revenue growth, with Aerospace up 47 percent compared to last year.”
Culp added, “We are improving delivery, price, and cost performance via lean and decentralization. Notwithstanding this progress, much is still uncertain about the external pressures companies are facing at this moment. We continue to trend toward the low end of our 2022 outlook on all metrics except cash, which is lower due to timing of working capital and Renewable Energy-related orders.”
Culp concluded, “We’re building meaningfully stronger businesses as we focus on serving our customers and investing through these constraints. We are on track and confident in our plans to form three independent companies positioned to create long-term value.”
GE continued to take recent action on its priorities:
- On track to create three independent companies:
- Announced the new branding of GE’s planned future companies: GE Aerospace, GE HealthCare, and GE Vernova, GE’s portfolio of energy businesses.
- Achieved key milestones on the planned GE HealthCare spin: planning to file GE’s confidential Form 10 shortly; submitted request for IRS private letter ruling; completed consultation with the European Works Council; announced GE HealthCare will be listed on The Nasdaq Global Select Market under the ticker symbol “GEHC.”
- Continued to deliver commercial execution and technology innovations:
- Future of Flight: announced in July that Delta Air Lines and Qatar Airways selected CFM-International LEAP-1B engines to power their fleets of 737-10 aircraft. Completed the world’s first test of a megawatt-class, multi-kilovolt hybrid electric propulsion system at altitude simulating single-aisle commercial flight.
- Precision Health: launched Voluson Expert 22, artificial intelligence powered ultrasound unlocking new imaging and processing power. Announced partnership with Medtronic, enabling personalized care on the CARESCAPE precision monitoring platform.
- Energy Transition: secured an order for 9HA combined cycle power plants in Vietnam, the first HA-powered plant in the country. Launched Opus One Distributed Energy Resource Management System to help keep the electric grid safe, secure, and resilient. Introduced Renewable Energy’s newest onshore 3.0-3.4 MW wind turbine platform designed specifically for the North American region