General Electric (GE) has revealed its fourth quarter and full year results for 2023 with total adjusted revenues reaching $18.5bn and adjusted earnings per share (EPS) at $1.03. In 2022, GE had reported an adjusted revenue of $21bn for Q4 with EPS at $1.24. Total orders reached $21.7bn for Q4 2023.
For its full year performance, total orders reached $79.2bn with total adjusted revenues reaching $63.6bn.
"In 2023, our teams delivered an excellent year, more than tripling earnings and generating almost 70 percent more free cash flow," said GE chairman and CEO and GE Aerospace CEO H. Lawrence Culp. "At GE Aerospace, we drove solid revenue and operating profit improvement in the fourth quarter and double-digit revenue, profit, and cash growth for the year".
GE Aerospace and its spin-off GE Vernova will also both launch as independent public companies at the beginning of the second quarter 2024. Culp added: "both companies will carry forward GE's commitment to innovation and continuous improvement, with even sharper focus on their vital, growing industries."
GE Aerospace is expected to deliver adjusted revenue growth of low double digits or more, with an operating profit of $6bn to $6.5bn, and free cash flow greater than $5bn. GE Verona is expected to deliver revenue of $34bn to $35bn with an adjusted EBITDA margin of mid single digits (towards the higher end of the range), and free cash flow of $0.7bn to $1.1bn.
GE Aerospace and GE Vernova will report their Q1 2024 results separately in late April following the spin-off. GE's premarket stock fell 9.32% following the release of the guidance, however stock mostly recovered as trading opened.