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Press Release


October 24, 2023

Significant top-line, operating profit, and cash growth; raising 2023 guidance;

GE Aerospace and GE Vernova to launch beginning of the second quarter of 2024

Third quarter 2023:

  • Total orders of $17.9B, +19%; organic orders +18%
  • Total revenues (GAAP) of $17.3B, +20%; adjusted revenues* $16.5B, +18% organically*
  • Profit margin (GAAP) of 1.7%, +330 bps; adjusted profit margin* 9.8%, +760 bps organically*
  • Continuing EPS (GAAP) of $0.08, +$0.36; adjusted EPS* $0.82, +$0.99
  • Cash from Operating Activities (GAAP) of $1.9B, +$1.1B; free cash flow* $1.7B, +$1.0B

BOSTON — October 24, 2023 — GE (NYSE:GE) announced results today for the third quarter ending September 30, 2023.

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, "GE delivered another quarter of very strong results with double-digit growth in revenue, profit, and cash. At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in Commercial Engines and Services. At GE Vernova, our Grid and now Onshore Wind businesses were both profitable this quarter and we expect their performance to continue to improve. With our two largest Renewable Energy businesses delivering and Power's continued strength, we remain highly confident in GE Vernova's spin-off next year."


Culp concluded, "Based on our year-to-date results and continued momentum in the fourth quarter, GE is raising full-year 2023 guidance. We're well-positioned to launch GE Aerospace and GE Vernova as independent companies in the beginning of the second quarter. I'm more excited than ever about our path ahead."

GE Aerospace and GE Vernova continued to take recent action on their priorities:

GE Aerospace

  • Delivered double-digit growth in orders, revenue, and operating profit driven by commercial momentum and strength in services. Orders grew 34% and revenue was up 25%, led by Commercial Engines and Services with Defense revenue up 8%, led by services and Edison Works.
  • Announced the U.S Army’s acceptance of the first two GE Aerospace T901 flight test engines that will power the Future Attack Reconnaissance Aircraft prototypes. The T901 will also upgrade the U.S. Army's Apache and Black Hawk helicopters, providing 50% more power, reduced lifecycle costs, and lower fuel consumption.
  • Named executive leadership team members, including Tara DiJulio as Chief Corporate Affairs Officer, Christian Meisner as Chief Human Resources Officer, Jake Phillips as General Counsel, and Rob Giglietti as Treasurer.

GE Vernova1

  • Drove strong revenue and operating profit growth in Renewable Energy and Power. Renewable Energy revenue grew 14% organically* with double-digit equipment growth in Grid, North America Onshore Wind, and Offshore Wind. Power also grew with revenue up 9% organically*.
  • Accumulated more than two million commercial operating hours for the advanced H-Class, heavy-duty gas turbine fleet, supporting HA services billings growing to $1 billion by mid-2020s; this fleet now has an installed capacity of over 47 gigawatts globally, the equivalent of powering over 35 million U.S. homes.
  • Named Ken Parks as CFO, and Vic Abate to an expanded role as CEO of GE Vernova's Wind businesses.

total company results

In addition, GE:

  • Announced today that it expects to spin off GE Vernova and launch GE Aerospace in the beginning of the second quarter of 2024, subject to final approval from the GE Board of Directors and other customary conditions. Shares of GE Vernova will be listed on the New York Stock Exchange under the ticker symbol “GEV” and shares of GE Aerospace will continue GE's listing on the New York Stock Exchange under the ticker symbol “GE”.2
  • Received total proceeds of approximately $2.7 billion in the quarter from the sale of a portion of its AerCap shares. GE continues to expect to fully monetize its remaining stakes in AerCap and GE HealthCare, of approximately 14.5% and 13.5% respectively, in an orderly manner over time.
  • Redeemed remaining outstanding shares of GE preferred stock in the quarter, for $2.8 billion, further simplifying GE's balance sheet and reducing financing costs.
  • Repurchased approximately 2.2 million common shares for $0.3 billion in the quarter, with $1.2 billion remaining under the GE Board's prior authorization of common share repurchases of up to $3.0 billion.
  • Incurred separation costs of $0.2 billion in the quarter, primarily related to employees, establishing standalone functions and IT systems, and professional fees. This was offset by realized tax benefits of $0.3 billion related to the separation of legal entities in preparation for the spin-off.
  • Completed its annual review of liability cash flow assumptions at its run-off insurance portfolio in the quarter, which resulted in an immaterial impact to net earnings.

2023 Guidance

Based on year-to-date results and expectations for continued momentum in the fourth quarter, GE is updating its full-year 2023 and business-specific guidance3, and now expects:

2023 ge guidance

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results.

Reporting Segment

ge power

Services revenue also grew this quarter. Segment margin of 6.0% expanded 200 basis points reported and organically*, driven by volume, pricing, and productivity, which more than offset inflation pressure.



Financial Measures That Supplement GAAP


We believe that presenting non-GAAP financial measures provides management and investors useful measures to evaluate performance and trends of the total company and its businesses. This includes adjustments in recent periods to GAAP financial measures to increase period-to-period comparability following actions to strengthen our overall financial position and how we manage our business.

In addition, management recognizes that certain non-GAAP terms may be interpreted differently by other companies under different circumstances. In various sections of this report we have made reference to the following non-GAAP financial measures in describing our (1) revenues, specifically organic revenues by segment; organic revenues, (2) profit, specifically organic profit and profit margin by segment; Adjusted profit and profit margin; Adjusted organic profit and profit margin; Adjusted earnings (loss) and Adjusted earnings (loss) per share (EPS), (3) cash flows, specifically free cash flows (FCF), and (4) guidance, specifically 2023 Adjusted EPS and 2023 FCF.

The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow. Certain columns, rows or percentages within these reconciliations may not add or recalculate due to the use of rounded numbers. Totals and percentages presented are calculated from the underlying numbers in millions.

organic revenue

organic revenue

Caution Concerning Forward Looking Statements:

This release and certain of our other public communications and SEC filings may contain statements related to future, not past, events. These forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," or "range." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, including our plan to pursue a spin-off of our portfolio of energy businesses that are planned to be combined as GE Vernova; the impacts of macroeconomic and market conditions and volatility on our business operations, financial results and financial position and on the global supply chain and world economy; our expected financial performance, including cash flows, revenues, organic growth, margins, earnings and earnings per share; impacts related to the COVID-19 pandemic; our de-leveraging plans, including leverage ratios and targets, the timing and nature of actions to reduce indebtedness and our credit ratings and outlooks; our funding and liquidity; our businesses’ cost structures and plans to reduce costs; restructuring, goodwill impairment or other financial charges; or tax rates.

For us, particular areas where risks or uncertainties could cause our actual results to be materially different than those expressed in our forward-looking statements include:

  • our success in executing planned and potential transactions, including our plan to pursue a spin-off of GE Vernova, and sales or other dispositions of our equity interests in AerCap Holdings N.V. (AerCap) and GE HealthCare, the timing for such transactions, the ability to satisfy any applicable pre-conditions, and the expected proceeds, consideration and benefits to GE;
  • changes in macroeconomic and market conditions and market volatility, including risk of recession, inflation, supply chain constraints or disruptions, interest rates, perceived weakness or failures of banks, the value of securities and other financial assets (including our equity interests in AerCap and GE HealthCare), oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on our business operations, financial results and financial position;
  • global economic trends, competition and geopolitical risks, including impacts from the ongoing conflict between Russia and Ukraine and the related sanctions and other measures and risks related to conflict in the Middle East, decreases in the rates of investment or economic growth globally or in key markets we serve, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, and related impacts on our businesses' global supply chains and strategies;
  • the status of the ongoing recovery from the impact of the COVID-19 pandemic, including impacts of virus variants and resurgences, and of government, business and individual responses, and in particular any adverse impacts to the aviation industry and its participants;
  • our capital allocation plans, including de-leveraging actions to reduce GE's indebtedness, the capital structures of the public companies that we plan to form from our businesses with the planned spin-off, the timing and amount of dividends, share repurchases, acquisitions, organic investments, and other priorities;
  • downgrades of our current short- and long-term credit ratings or ratings outlooks, or changes in rating application or methodology, and the related impact on our funding profile, costs, liquidity and competitive position;
  • the amount and timing of our cash flows and earnings, which may be impacted by macroeconomic, customer, supplier, competitive, contractual and other dynamics and conditions;
  • capital and liquidity needs associated with our financial services operations, including in connection with our run-off insurance operations and mortgage portfolio in Poland (Bank BPH), the amount and timing of any required capital contributions and any strategic actions that we may pursue;
  • market developments or customer actions that may affect demand and the financial performance of major industries and customers we serve, such as demand for air travel and other aviation industry dynamics; pricing, cost, volume and the timing of investment by customers or industry participants and other factors in renewable energy markets; conditions in key geographic markets; technology developments; and other shifts in the competitive landscape for our products and services;
  • operational execution by our businesses, including the success at our Renewable Energy business in improving product quality and fleet availability, executing on our product and project cost estimates and delivery schedule projections and other aspects of operational performance, as well as the performance of GE Aerospace amidst the ongoing market recovery;
  • changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs, regulation and incentives related to climate change (including the impact of the Inflation Reduction Act and other policies), and the effects of tax law changes;
  • our decisions about investments in research and development, and new products, services and platforms, and our ability to launch new products in a cost-effective manner;
  • our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction measures;
  • the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of shareholder and related lawsuits, Alstom, Bank BPH and other investigative and legal proceedings;
  • the impact of actual or potential quality issues or failures of our products or third-party products with which our products are integrated, and related costs and reputational effects;
  • the impact of potential information technology, cybersecurity or data security breaches at GE or third parties; and
  • the other factors that are described in the "Risk Factors" section in our Annual Report on Form 10-K for the year ended December 31, 2022, as such descriptions may be updated or amended in any future reports we file with the SEC.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. This document includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

GE’s Investor Relations website at and our corporate blog at, as well as GE’s LinkedIn and other social media accounts, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

Additional Financial Information

Additional financial information can be found on the Company’s website at: under Events and Reports.

Conference Call and Webcast

GE will discuss its results during its investor conference call today starting at 7:30 a.m. ET. The conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information can be accessed by visiting the Events and Reports page on GE’s website at: An archived version of the webcast will be available on the website after the call.


About GE

GE (NYSE:GE) rises to the challenge of building a world that works. For more than 130 years, GE has invented the future of industry, and today the company’s dedicated team, leading technology, and global reach and capabilities help the world work more safely, efficiently, and reliably. GE’s people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE’s mission and deliver for its customers.


GE Investor Contact:

Steve Winoker, 617.443.3400

[email protected]

GE Media Contact:

Mary Kate Mullaney, 202.304.6514

[email protected]

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