2022-06-25
http://w3.windfair.net/wind-energy/pr/40628-ge-quarter-q1-results-loss-challenges-launch-independent-improved

News Release from GE Renewable Energy

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Wind Industry Profile of


GE announces first quarter 2022 results

Improving services, orders, and cash while managing through current challenges; on track with plans to launch three independent investment-grade companies

Images: GE Renewable EnergyImages: GE Renewable Energy
  • Total orders $18.9B, +11%; organic orders +13%
  • Total revenues (GAAP) $17.0B, flat; adjusted revenues* $16.3B, +0.8% organically*
  • Profit margin (GAAP) of (3.1)%, (450) bps; adjusted profit margin* 5.8%, +110 bps organically*
  • Continuing EPS (GAAP) of  $(0.74), $(0.75); adjusted EPS* $0.24, +$0.11
  • Cash from Operating Activities (GAAP) $(0.5)B, +$2.1B; free cash flow* $(0.9)B, +$2.5B, ex. disc. factoring* +$1.7B

GE (NYSE:GE) announced results today for the first quarter ending March 31, 2022.

GE Chairman and CEO H. Lawrence Culp, Jr. said, “This quarter, the GE team improved services, orders, and cash while scaling lean in all businesses to drive margin expansion. Our continuous operational improvements set us up to reinvest in innovation across GE, and our businesses remain focused on growth, supported by continued recovery at Aviation and strong demand at Healthcare."

Culp continued, "We're holding the outlook range we shared in January, but as we continue to work through inflation and other evolving pressures, we're currently trending toward the low end of the range. Importantly, we remain on track to launch three independent, investment-grade companies with leading positions in growing, critical sectors, well positioned to create long-term value."

GE continued to make progress on its transformation, talent, and investment in innovation:

  • Further advanced plans to create three independent companies, which will unlock opportunities to drive greater focus, accountability, and full alignment with customers and markets. At Healthcare, more than 1,000 employees are engaged in cross-functional teams, ensuring operational readiness and progressing carve-out audits, and have finalized IT infrastructure and legal entity separation plans.
  • Added three new members to the Board of Directors, including Stephen F. Angel, Isabella D. Goren and Tomislav Mihaljevic, M.D., bringing valuable experience in GE's key industries.
  • Drove innovation to solve customer needs in growing, critical sectors through commercial execution and technology innovations:
    • Future of Flight: Partnered with Boeing on a hybrid electric flight test demonstration program. Reached key engine milestones, including initiating testing for the first T901 turboshaft engine and the latest test campaign for the adaptive cycle XA100 engine with the U.S. Air Force, both in March.
    • Precision Health: Announced development of Edison Digital Health Platform, AI-powered and vendor-agnostic, to help reduce staff burden and improve care coordination. Partnering with AliveCor to help reduce cardiac-related hospitalization by improving the quality and integration of patient data.
    • Energy Transition: A consortium between Grid Solutions and BOND Civil & Utility Construction was awarded a contract to provide onshore and offshore high voltage equipment to the 816-MW Empire Wind 1 project in New York, integrating renewable energy to the New York Power Grid. Taiwan Power Company ordered six LM2500XPRESS gas turbine packages to boost grid stability in Taiwan.

Please visit our investor website for full information:

Source:
GE
Author:
Press Office
Link:
www.ge.com/...
Keywords:
GE, quarter, Q1, results, loss, challenges, launch, independent, improved



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