(Finance) – General Electric (GE), a historic US multinational active in the field of technology and services, closed the third quarter of 2023 with total revenues equal to 17.3 billion dollars (+20%, +18% at organic level), profit margin equal to 1.7% (+330 bps, +760 bps at organic level), EPS of $0.08 (+$0.36, adjusted EPS of $0.82, +0.99).
“GE delivered another quarter of very solid results with double-digit growth in terms of revenues, profits and liquidity – commented the CEO H. Lawrence Culp, Jr. – At GE Aerospace, we continue to experience rapid growth driven by strong demand and solid execution, largely in commercial engines and services. At GE Vernova, our Grid and now Onshore Wind businesses have both been 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 very confident in the spin-off of GE Vernova next year.”
“Based on our year-to-date results and continued momentum in the fourth quarter, GE is raising the forecast for the full year 2023 – he added – We are well positioned to launch GE Aerospace and GE Vernova as independent companies early in the second quarter.”
GE announced today that it plans to spin off GE Vernova and launch GE Aerospace early in the second quarter of 2024, subject to final approval by GE’s Board of Directors and other customary conditions. The GE Vernova shares will be listed on the New York Stock Exchange under the symbol “GEV” and GE Aerospace stock will continue GE’s trading on the New York Stock Exchange under the symbol “GE.”
(Photo: Herry Sutanto on Unsplash)