GE announce results for full year 2022
GE (NYSE:GE) announced results today for the fourth quarter ending December 31, 2022. The results include the operations of GE HealthCare Technologies Inc. (“GE HealthCare”), which successfully separated in a spin-off by distributing approximately 80.1 percent of shares to GE shareholders on January 3, 2023.
Full year 2022:
Total orders $83.0B, +4%; organic orders +7%
Total revenues (GAAP) $76.6B, +3%; adjusted revenues* $73.6B, +6% organically*
Profit margin (GAAP) of 1.8%, +680 bps; adjusted profit margin* 7.9%, +160 bps organically*
Continuing EPS (GAAP) of $0.53, +$3.78; adjusted EPS* $2.62, +$0.91
Cash from Operating Activities (GAAP) $5.9B, +$5.0B; free cash flow* $4.8B, +$2.1B1
GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, “2022 marked the beginning of a new era for GE. We successfully launched GE HealthCare, delivered strong financial performance, made significant operational progress, and continued our steadfast commitment to our customers. Thanks to the high-quality work of our team, GE ended the year with solid revenue growth and margin expansion, and $4.8 billion of free cash flow. In the fourth quarter, this was led by strong results at GE Aerospace with order and revenue growth above 20 percent, as well as Power with double-digit growth. In addition, we further strengthened our foundation, surpassing $100 billion in debt retired since 2018 and improving our operations by more deeply embedding lean and decentralization across GE.”
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