(New York) The American conglomerate General Electric (GE) delivered quarterly results on Tuesday better than expected, boosted by the sustained activity of its aeronautical branch, which saw its orders climb.
From September to December, GE posted revenue of $21.8 billion, up 7% year-on-year and slightly above expectations.
This increase is largely due to the 25% increase in revenues from the group’s aeronautical activities, which equip the engines of the world’s largest manufacturers.
The results of the 4e quarter include the activities of the branch dedicated to medical technologies, which finalized its demerger to become a separate company (GE HealthCare), listed on the stock market at the beginning of January.
In early 2024, the company also wants to separate its various energy activities (nuclear, gas, steam and wind turbines) to refocus on aerospace.
“The year 2022 marked the beginning of a new era for GE,” group boss Lawrence Culp said in a statement.
“We successfully launched GE HealthCare, delivered strong financial performance, made significant operational progress and continued our unwavering commitment to our customers,” he added.
The group posted net profit of $2.1 billion in the last three months of 2022. Reported per share and adjusted for exceptional items, profit was $1.24, better than expected by the market.
GE nevertheless posted a loss of $64 million for the year as a whole, having suffered in the previous months from supply chain disruptions and high inflation.
For 2023, the group expects a profit per share between 1.60 and 2 dollars, below analysts’ expectations.
For its aerospace branch, GE hopes for an operating profit of between 5.3 and 5.7 billion dollars.
GE Vernova, the energy division of the group supposed to be split next year, should however show an operating loss of 600 million to 2 billion dollars.
On Wall Street, GE’s stock rose 1.6% in pre-opening electronic trading.