Boston: GE Aerospace, a global aerospace propulsion, services, and systems leader and committed to inventing the future of flight, announced results on April 23 for the first quarter ending March 31, 2024 with a total revenue of US $16.1 billion, adjusted revenue of US $15.2 billion.
Building on more than a century of innovation and learning, the company has an installed base of approximately 44,000 commercial and 26,000 military aircraft engines and a global team of 52,000 employees.
The company had total orders of US $11.0 billion with adjusted revenue of US $8.1 billion with operating profit of US $1.5 billion and fresh cash flow of US $1.7 billion.
“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. Our teams achieved this milestone while delivering strong results in the first quarter led by significant profit and cash growth at GE Aerospace,” said GE Aerospace Chairman and CEO H. Lawrence Culp Jr.
“At GE Aerospace, Commercial Engines and Services and Defence & Propulsion Technologies drove double-digit revenue, profit and free cash flow growth in the quarter. Given our solid start to the year and outlook for the remainder of 2024, we are raising our full-year profit and free cash flow guidance. Moving forward as a focused global aerospace leader, we will continue to prioritize safety, quality, delivery, and cost — always in that order — while also investing in our future and driving long term profitable growth,” Culp said.
The company announced plans to invest over US$650 million in its manufacturing facilities and supply chain, including US$550 million in US and international site upgrades and US$100 million in the supply chain.
It reached an agreement at the Singapore Airshow with Thai Airways for GEnx-1B engines to power its new widebody fleet of 45 Boeing 787 aircraft and extended Cebu Pacific’s TrueChoice services agreement for their CFM56 engines. The company also secured a commitment from easyJet for more than 300 LEAP-1A engines and a services agreement from American Airlines for 400 LEAP-1B engines.
It received an order for F414 engines to power additional KF-21 fighter jets for the Korean Air Force.
