GE Aerospace total orders up 34% in first quarter before launching as standalone entity

General Electric (GE) Aerospace's consolidated earnings report for the first quarter of 2024 revealed a total adjusted revenue of $15.2bn, up 10% year-on-year (YoY). The earnings include the operations of both GE Aerospace and its energy business GE Vernova. Its consolidated total orders were at $20.1bn, up 14% YoY. Its adjusted earnings per share were up 55 cents to 82 cents per share. This is the final quarter where GE Aerospace and GE Vernova will report its consolidated results. ""We marked a new beginning in early April with the successful spin-off of GE Vernova and launch of GE Aerospace, completing our multi-year transformation,"" said GE Aerospace chairman and CEO Lawrence Culp. ""Our teams achieved this milestone while delivering strong results in the first quarter led by significant profit and cash growth at GE Aerospace."" GE Aerospace and GE Vernova were spun out as a standalone entities at the beginning of the second quarter of 2024, with the first quarter report including GE Aerospace's standalone results. GE Vernova will report its standalone results on April 25, 2024. GE Aerospace's total orders in the first quarter were up 34% at $11bn and its adjusted revenue was up 15% at $8.1bn. GE Company senior VP and CFO Rahul Ghai said the strong order results were mostly ""coming from base volume growth with price contributing as well."" Its standalone operating profits were up 24% at $1.5bn. Additionally, its standalone free cash flow at the end of the quarter was $1.7bn, doubling YoY. ""The strength of our operational and financial fundamentals gives us confidence to return 70% to 75% of our available cash to investors,"" said Ghai. He added: ""Through a new capital return framework, we are well positioned to create significant shareholder value while we continue to invest in growth, innovation and focused M&A."" Following its robust standalone results, GE Aerospace now expects its operating profit to be between $6.2bn and $6.6bn, up from its original forecast of between $6bn and $6.5bn. It also estimated its adjusted earnings per share for the year to be range from $3.80 to $4.05 per share.