General Electric Co (GE) 10K Annual Reports & 10Q SEC Filings

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, "2024 will be a momentous year as GE Aerospace and GE Vernova plan to launch as independent public companies in early April. Both companies will carry forward GE's commitment to innovation and continuous improvement, with even sharper focus on their vital, growing industries. They serve vast and valuable installed bases with enviable service franchises that keep them close to customers, day in and day out. I am proud of what our teams have accomplished and excited for our next chapter as GE Aerospace invents the future of flight and GE Vernova leads the energy transition."

Culp continued, "In 2023, our teams delivered an excellent year, more than tripling earnings and generating almost 70 percent more free cash flow. At GE Aerospace, we drove solid revenue and operating profit improvement in the fourth quarter and double-digit revenue, profit, and cash growth for the year, reflecting ongoing strength in Commercial Engines and Services. At GE Vernova, Renewable Energy and Power together delivered meaningfully better results, with double-digit revenue growth in the quarter and positive profit and free cash flow for the year. We expect further revenue, profit, and free cash flow growth for both GE Aerospace and GE Vernova in 2024."

GE Aerospace1

•Delivered higher orders, revenue, and operating profit in the quarter. For the year, delivered double-digit growth in orders, revenue, operating profit, and cash due to commercial momentum and strength in services, which represent approximately 70 percent of revenue.

•Announced an order for 202 GE9X engines and spares by Emirates to power its upcoming fleet of Boeing 777X, bringing Emirates' total order for GE9X engines to 460.

•Named the GE Directors who will continue as members of GE Aerospace's Board of Directors, including two new additions with deep aerospace experience who joined in December.

GE Vernova

•Renewable Energy and Power drove double-digit revenue growth in the quarter. For the year, together they delivered strong revenue growth, operating profit improvement of over $1 billion, and positive free cash flow, with services representing approximately 65 percent of backlog.

•Secured 2.4 GW order to support Pattern Energy's SunZia wind project in New Mexico—expected to be the largest wind project in U.S. history—with 674 onshore wind turbines and a long-term services award.

•Reached key milestones toward its spin-off, including naming its Board of Directors, filing its Form 10 registration statement on a confidential basis, and achieving operational readiness.

* Non-GAAP Financial Measure

1Following the planned spin-off, in which GE will distribute the common stock of GE Vernova on a pro rata basis to holders of GE common stock, General Electric Company will be known as GE Aerospace. In current financial reporting and guidance, GE Aerospace refers to our existing reporting segment.

The following information was filed by General Electric Co (GE) on Tuesday, January 23, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside General Electric Co's 10-K Annual Report:

Other - Other Highlight
Future changes or adverse developments could increase our estimate of total losses and potentially require future cash contributions to Bank BPH.

Revenue - Product Highlight
In the fourth quarter of 2022, we classified our captive industrial insurance subsidiary, Electric Insurance Company, domiciled in Massachusetts, with assets of $541 million and liabilities of $378 million as of December 31, 2023, into held for sale.
Financial - Expense Highlight
$1,396$2,627Current receivables143,361Inventories, including deferred inventory costs—2,512Goodwill—12,799Other intangible assets - net—1,520Contract and other deferred assets—854
Revenue - Product Highlight
ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALEDecember 31, 2023December 31, 2022Cash and cash equivalents$609$35Current receivables, inventories and contract assets551495Non-current captive insurance investment securities570554Property, plant and equipment and intangible assets - net254232Valuation allowance on disposal group classified as held for sale12417
Other - Other Highlight
As previously reported, GE and Bank BPH approved the adoption of a settlement program and recorded a charge of $1,014 million in the quarter ended June 30, 2023.
Financial - Expense
The Bank BPH financing receivable...Read more
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In the fourth quarter of...Read more
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As previously reported, Bank BPH,...Read more
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We are working with EDF...Read more
Other - Other
At December 31, 2023, the...Read more
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In the third quarter of...Read more
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During the year ended December...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

General Electric Co provided additional information to their SEC Filing as exhibits

Exhibit 4.K: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.L: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.DD: Material Contract

Exhibit 10.VV: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 22: Published Report Regarding Matters Submitted To Vote Of Security Holders

Exhibit 23: Consents Of Experts And Counsel

Exhibit 24: Power Of Attorney

Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Exhibit 97: Ex-97

Exhibit 99.A: Additional Exhibits

Ticker: GE
CIK: 40545
Form Type: 10-K Annual Report
Accession Number: 0000040545-24-000027
Submitted to the SEC: Fri Feb 02 2024 6:31:30 AM EST
Accepted by the SEC: Fri Feb 02 2024
Period: Sunday, December 31, 2023
Industry: Electronic And Other Electrical Equipment No Computer Equip

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General Electric Co (GE) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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