BOSTON — GE announced results today for the fourth quarter ending December 31, 2022. The results include the operations of GE HealthCare Technologies Inc. (“GE HealthCare”), which successfully separated in a spin-off by distributing approximately 80.1 percent of shares to GE shareholders on January 3, 2023.
GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, “2022 marked the beginning of a new era for GE. We successfully launched GE HealthCare, delivered strong financial performance, made significant operational progress, and continued our steadfast commitment to our customers. Thanks to the high-quality work of our team, GE ended the year with solid revenue growth and margin expansion, and $4.8 billion of free cash flow. In the fourth quarter, this was led by strong results at GE Aerospace with order and revenue growth above 20 percent, as well as Power with double-digit growth. In addition, we further strengthened our foundation, surpassing $100 billion in debt retired since 2018 and improving our operations by more deeply embedding lean and decentralization across GE.”
Culp continued, “Looking ahead, GE is positioned to drive growth, profit, and cash, and our outlook reflects our confidence in our businesses. In GE Aerospace, we are executing on an unprecedented ramp, and our best-in-class technology is powering more efficient and sustainable flight. In GE Vernova, Power is delivering with Gas Power stable, and Renewable Energy is taking action to drive operational improvements as it also begins to benefit from external catalysts like the Inflation Reduction Act. As a result, we expect high-single-digit revenue growth and strong free cash flow generation in 2023 for GE. We are making good progress on our plans to launch these independent, investment-grade, industry-leaders that will unlock greater value for our customers and shareholders.”
GE continued to strengthen GE Aerospace and GE Vernova2:
- Delivered strong orders, revenue, and operating profit growth in the fourth quarter and full year, driven by continued commercial momentum, strength in services, and improved execution from the team.
- Achieved key business wins, including entering an equipment and long-term support agreement with Cargolux for their GE-powered Boeing freighter fleet and expansion of CFM’s LEAP Maintenance, Repair, and Overhaul services to Air France Industries KLM Engineering and Maintenance as a LEAP engine service provider.
- Improved earnings and cash at Power with orders up double digits in the fourth quarter while Renewable Energy organic orders increased high single digits and Grid achieved profitability.
- Drove commercial execution, including Power’s order from the Swiss Federal Office of Energy to provide a reserve power plant through 2026 and an agreement with Shell for LNG decarbonization solutions.