- General Electric Co GE reported first-quarter FY23 revenues of $14.49 billion, an increase of 14% year-over-year, beating the consensus of $13.36 billion.
- Total orders increased by 25% Y/Y to $17.6 billion and up 26% on an organic basis.
- Adjusted EPS was $0.27, up from $(0.09) a year ago, beating the consensus of $0.14.
- GE reported a profit margin GAAP of 44.8%, up by 5,410 bps, and an Adjusted operating margin of 6.4%, up 330 bps organically.
- Aerospace's Q4 revenues jumped 25% Y/Y to $6.98 billion, driven by continued commercial service revenue growth, while orders rose 14% to $8.21 billion.
- GE Vernova Renewable Energy orders increased by 94% and revenue by 5% Y/Y organically, driven by higher equipment demand at Grid and Onshore Wind in North America.
- GE Vernova Power Orders were flat at $4.1 billion and increased 1% organically. Revenues increased by 11% Y/Y organically to $3.8 billion, driven by transactional and Aeroderivative service growth at Gas Power.
- Cash from Operating Activities for the quarter totaled $155 million, compared to negative $(924) million a year ago.
- The company completed the spin-off of GE HealthCare into an independent publicly traded company, retaining an ~19.9% stake in GE HealthCare's common stock.
- GE repurchased ~3.2 million shares for $0.3 billion during the quarter, with $1.7 billion remaining under the authorization.
- FY23 Guidance: GE raised the low end of its full-year adjusted EPS and free cash flow ranges. However, it continues to expect high-single-digit revenue growth for 2023.
- GE now expects adjusted EPS of $1.70-$2.00 (prior $1.60 - $2.00) versus $1.98 consensus and free cash flow of $3.6 billion - $4.2 billion (prior $3.4 billion - $4.2 billion).
- Price Action: GE shares are trading higher by 1.65% at $101.80 premarket on Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
