News Release from GE Vernova


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GE announces third quarter 2022 results

Strong GE Aerospace performance; planned spin-offs on track

Image: GE Renewable EnergyImage: GE Renewable Energy

GE (NYSE:GE) announced results today for the third quarter ending September 30, 2022.

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, "Our team is delivering, with strong Aerospace performance in the third quarter, fueled by the improving commercial backdrop and our progress managing operations and the supply chain environment. We are building broad-based momentum with solid revenue and free cash flow results, as well as services growth in all businesses."

Culp continued, "Within GE Vernova, Power remains on track to grow this year and we are taking significant actions to reset Renewable Energy. External catalysts, like recent U.S. legislation and the energy crisis in Europe, are increasing investment in new decarbonization technologies, helping position GE Vernova for longer-term growth."

Culp concluded, "Our planned spin-offs remain on track with GE HealthCare ready to go in the first week of January. With leading positions in growing, critical sectors, we are excited about our plans to launch three independent, investment-grade companies set up to create long-term shareholder value."

GE continued to strengthen GE Aerospace, GE Vernova1, and GE HealthCare:

GE Aerospace: Strong performance accelerating

  • Delivered strong orders, revenue, and operating profit growth in the third quarter driven by continued commercial momentum and improving execution from the team. Engine unit deliveries were up double-digits since last quarter, with LEAP units up over 50%.
  • Advanced its mission to shape the future of flight with the completion of the latest round of testing on its second XA100 adaptive cycle engine in partnership with the U.S. Air Force and signed an agreement where Delta joined CFM's maintenance, repair, and overhaul network for LEAP-1B engines.

GE Vernova: Positioning for long-term profitable growth

  • Poised to benefit from long-term energy demand, driven by the U.S. Inflation Reduction Act, Infrastructure Investment and Jobs Act, and the increased focus on energy security in Europe.
  • Continued to lead the energy transition with key business wins, including providing H-Class equipment to Kindle Energy for its expected 725MW natural gas-fired Magnolia Power Plant; supplying Green Power Investment’s Fukaura Wind Farm in Japan; and equipping Los Angeles with Flexible AC Transmission Systems to increase power transfer capacity and decrease the need for new lines.

GE HealthCare: First spin ready to go

Results by Reporting Segment

(Renewable Energy: Will be part of GE Vernova, GE's portfolio of energy businesses)

Orders of $3.7 billion decreased 43% reported and 41% organically, due to a difficult prior year comparison in Offshore Wind. This decline was partially offset by growth in services and across Grid. Revenues of $3.6 billion decreased 15% reported and 10% organically due to lower U.S. volume in Onshore Wind from the PTC lapse and heightened new business selectivity. Partially offsetting this decline was pricing improvement and services growth of 40% organically. Segment margin of (26.0)% contracted 2,240 basis points reported and 2,190 basis points organically, primarily driven by the higher $0.5 billion warranty and related reserves as well as lower U.S. volume in Onshore Wind and net inflation pressure across all businesses. For full year 2022, GE expects Renewable Energy losses of approximately $2 billion, largely due to higher than anticipated warranty pressure, inflation and lower demand.

GE plans to initiate a restructuring program across its GE Vernova businesses, primarily at Renewable Energy, that is expected to deliver $0.5 billion in annualized savings. Taken together these actions are expected to improve quality and reduce costs. Renewable Energy also stands to benefit from external catalysts that are reshaping end market demand.

To read the full press release, please visit the GE website.

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GE, Q3, results, renewable energy, loss, GE Vernova, energy, power, offshore, onshore, wind power, revenue

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