General Electric (GE) reported a positive fourth quarter of 2022, with jet engine sales by GE Aerospace deemed key to growth.
"Thanks to the high-quality work of our team, GE ended the year with solid revenue growth and margin expansion, and US $4.8bn of free cash flow. In
the fourth quarter, this was led by strong results at GE Aerospace with order and revenue growth above 20% as well as power with double-digit growth", said GE chairman and chief executive H. Lawrence Culp Jr., who is also GE Aerospace chief executive.
GE Aerospace "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", GE said, listing "key business wins" such as the recent deal with Cargolux
and expansion of services to Air France Industries KLM Engineering and Maintenance.
"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," said the chief executive.
"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," Culp Jr. added.