Tue, Oct 22, 10:38 AM (72 days ago)
In its Q3 2024 report, General Electric Company (GE) (Ticker: GE) reported total revenues of $9.8 billion, up 6% from Q3 2023, primarily driven by growth in Commercial Engines & Services. Profit surged to $1.9 billion, reflecting a significant increase in gains from retained ownership interests, while profit margins improved to 19.2%. Adjusted earnings per share were $1.15, up from $0.92 in the previous year. Cash flow from operations increased to $4.5 billion year-to-date, attributed to higher net income and reduced tax payments, resulting in free cash flow of $4.6 billion. The Remaining Performance Obligation increased by 8% to $166.1 billion, indicating strong future revenue potential. Despite positive trends, GE faces uncertainties, including supply chain disruptions impacting production and inflationary pressures. The company is investing in manufacturing to enhance output and mitigate these challenges. Overall, GE's solid quarterly performance reflects resilience amidst market volatility, with a focus on strategic growth and operational efficiency post-separation of its GE Vernova business.