Sector: Industrials|Industry: Aerospace & Defense|Market Cap: $178.39B|Employees: 125K
General Electric is a high-tech industrial company operating through three segments: Aerospace, Renewable Energy, and Power. They manufacture products such as commercial and military aircraft engines, wind turbines, and power generation equipment. GE has a significant global presence with manufacturing and service operations in over 160 countries and is considered a leader in most of the major industries in which they participate.
Total revenues increased by $0.5 billion, or 6%, compared to the same period last year, primarily driven by an increase in Commercial Engines & Services. Equipment revenues increased due to improved pricing, and services revenues increased due to higher spare parts volume and mix.
Profit was $1.9 billion, up $1.6 billion YoY, driven by gains on retained and sold ownership interests of $1.5 billion related to GE HealthCare and AerCap investments, and gains on sales of business interests of $0.4 billion, primarily from the sale of the non-core licensing business.
Operating profit margin was 20.3%, an increase of 150 basis points YoY, despite global material availability and supplier delivery performance issues. This indicates effective cost management and pricing strategies.