General Electric's financial report released on the 23rd showed that the company's operating revenue and adjusted net profit for the fourth quarter of 2023 both increased significantly year-on-year and exceeded market expectations.
Data shows that General Electric achieved a revenue of $19.423 billion in the quarter, a year-on-year increase of 15%, higher than market expectations of $17.8 billion. During the same period, General Electric achieved an adjusted net profit of $1.773 billion, a year-on-year increase of 30%, higher than market expectations of $915 million.
However, General Electric's free cash flow in the fourth quarter of last year was $2.961 billion, a decrease of 11% compared to the previous quarter.
In the quarter, General Electric gained $2 billion in revenue from selling the remaining equity of AerCap Holdings NV, which is engaged in aircraft leasing, and spent $300 million to repurchase approximately 2.2 million common shares. The company incurred $300 million in splitting costs.
General Electric expects a revenue growth of nearly 10% in the first quarter of 2024, with adjusted earnings per share ranging from $0.6 to $0.65, which is lower than the market expectation of $0.72 per share.
General Electric Chairman and CEO Larry Culp stated that the GE Aerospace and GEVernova divisions are expected to go public independently in early April. It is expected that the operating income, profit, and free cash flow of both companies will further increase in 2024.
General Electric announced a "one in three" split plan in November 2021, and General Electric Healthcare completed the split and went public in January 2023.