GE Aerospace starts strong with FY24 Q1 net profit of 19.1%

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Today, on 23 April 2024, GE Aerospace announced a 19.1% increase in its first-quarter net profit.

The company noted strong earnings from its commercial aviation business were driven by this increase. The consolidated net profit amounted to $1.7 billion for the quarter. This is an improvement compared to the net loss of $4.18 per share in the previous quarter.

GE Aerospace’s total revenue for the last quarter amounted to $8.1 billion, experiencing a 15% increase from the same period last year. The primary factor for growth was the increased total orders, which reached 34% for GE Aerospace.

GE Aerospace Chairman and CEO H. Lawrence Culp, Jr. says,

“We marked a new beginning in early April with the successful spin-off of GE Vernova and launch of GE Aerospace, completing our multi-year transformation. Our teams achieved this milestone while delivering strong results in the first quarter led by significant profit and cash growth at GE Aerospace.”

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