Manufacturers

GE Misses on Earnings in 3Q 2022

GE Misses on Earnings in 3Q 2022

BOSTON — GE announced results for the third quarter ending September 30, 2022.

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, “Our team is delivering, with strong Aerospace performance in the third quarter, fueled by the improving commercial backdrop and our progress managing operations and the supply chain environment. We are building broad-based momentum with solid revenue and free cash flow results, as well as services growth in all businesses.”

Culp continued, “Within GE Vernova, Power remains on track to grow this year and we are taking significant actions to reset Renewable Energy. External catalysts, like recent U.S. legislation and the energy crisis in Europe, are increasing investment in new decarbonization technologies, helping position GE Vernova for longer-term growth.”

Culp concluded, “Our planned spin-offs remain on track with GE HealthCare ready to go in the first week of January. With leading positions in growing, critical sectors, we are excited about our plans to launch three independent, investment-grade companies set up to create long-term shareholder value.”

GE continued to strengthen GE Aerospace, GE Vernova1, and GE HealthCare:

GE Aerospace: Strong performance accelerating

  • Delivered strong orders, revenue, and operating profit growth in the third quarter driven by continued commercial momentum and improving execution from the team. Engine unit deliveries were up double-digits since last quarter, with LEAP units up over 50%.
  • Advanced its mission to shape the future of flight with the completion of the latest round of testing on its second XA100 adaptive cycle engine in partnership with the U.S. Air Force and signed an agreement where Delta joined CFM’s maintenance, repair, and overhaul network for LEAP-1B engines.

GE Vernova1: Positioning for long-term profitable growth

  • Poised to benefit from long-term energy demand, driven by the U.S. Inflation Reduction Act, Infrastructure Investment and Jobs Act, and the increased focus on energy security in Europe.
  • Continued to lead the energy transition with key business wins, including providing H-Class equipment to Kindle Energy for its expected 725MW natural gas-fired Magnolia Power Plant; supplying Green Power Investment’s Fukaura Wind Farm in Japan; and equipping Los Angeles with Flexible AC Transmission Systems to increase power transfer capacity and decrease the need for new lines.

GE HealthCare: First spin ready to go

 

GE’s portfolio of energy businesses
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