GE Aerospace's sales were up 46% in the fourth quarter of 2024, compared to the same period a year prior, totalling $15.5bn.
The company's earnings report on January 23, 2025, also revealed that the engine manufacturer made strong profits in the period. Profits were up 37% to $2.3bn, while operating profit was up 49% to $2bn. Earnings per share (EPS) were up 62% to $1.87 and adjusted EPS doubled to $1.32.
Revenues in the quarter were up 14% to $10.8bn. The company generated $1.3bn in cash from operating activities, up 5% from the fourth quarter last year, and a free cash flow of $1.5bn, up 21%.
“Our performance capped off a monumental first year as a standalone company,” said GE Aerospace chairman and CEO Lawrence Culp.
For the full year, the company reported sales were up 32% compared to 2023, totalling $50.3bn. Revenues were up 9% to $38.7bn. Profit was down 27% in the year to $7.6bn, though operating profits were up 30% to $7.3bn. Profit margin was 19.7%, down 980 basis points (bps), while operating margin was 20.7%, up 330 bps. EPS for the year was $6.09. The company generated $5.8bn from operating activities in the year, up 26%, and a free cash flow of $6.1bn, up 28%.
The company's “proprietary lean operating model” FLIGHT DECK was launched in 2024 with GE Aerospace stating that it is assisting with “tackling supply chain constraints head-on”. The company added there has been “meaningful improvement” with its key suppliers in the second half of 2024, compared to the first half.
“Material input improved 26% across our priority supplier sites,” the company stated. “This supported commercial engines & services (CES) services revenue growing 17% and total engine units growing 18% in the second half.”
For 2025, the company expects adjusted revenue growth to be in the low-double digits. Operating profit is expected to be between $7.8 and $8.2bn. For the year, adjusted EPS is expected to be $5.10-5.45. The company expects to generate a free cash flow of around $6.3 and $6.8bn for the year.