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GENERAL ELECTRIC CO 8-K Report, Regulation FD Disclosure (Jun 21, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed June 21, 2024
Period End
June 21, 2024
Security
GE
In the record · 2016–202610-K1110-Q348-K179

GE filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 179 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Feb ’19Feb ’19
  2. Auditor change8-K · Feb ’21Feb ’21
  3. Deal closed8-K · Jan ’23Jan ’23
  4. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed June 21, 2024. Cited figures are marked; the original filing is the authoritative source.

On April 2, 2024, General Electric completed the separation of GE Vernova, its energy business, through a pro rata spin-off distributed to shareholders at one GE Vernova share for every four GE shares held on March 19, 2024.

GE Vernova began trading on the NYSE as "GEV" that day, and the company no longer consolidates it. The remaining company now operates as GE Aerospace, organized into two reportable segments: Commercial Engines and Services (CES) and Defense and Propulsion Technologies (DPT). Historical GE Vernova results will be reported as discontinued operations beginning in Q2 2024.

This 8-K is an informational filing that furnishes preliminary, unaudited supplemental financials (Exhibit 99.1) recasting Q1 2024 and the 2023 quarterly segment revenues to reflect GE Vernova as discontinued operations. It does not restate previously reported financial statements. On a revised basis, Q1 2024 total revenues were approximately $9.0 billiona versus $16.1 billion as originally reported, and continuing-operations earnings were about $1.7 billion (diluted EPS of $1.58 vs. $1.38 as reported).

Adjusted earnings were about $1.0 billionb, or $0.93 per share, after excluding a $0.6 billion gain on retained and sold ownership interests, which is a notable non-recurring contributor. Free cash flow was about $1.7 billion, aided by the exclusion of separation cash costs. Investors should note that the reported Q1 earnings are flattered by one-time gains and that the recast revenue base is much smaller, so year-over-year comparisons must be made on the new continuing-operations basis.

The balance sheet shows cash of about $16.4 billionc from continuing operations after the separation, with GE Vernova's assets and liabilities removed. Forward-looking risks cited include macroeconomic conditions, supply chain disruptions, interest rates, equity values (notably the GE HealthCare stake), commodity prices, and capital allocation decisions on dividends and buybacks.

02—Key points

Key Highlights

  1. GE Vernova spin-off completed April 2, 2024: shareholders received one GEV share for every four GE shares held on March 19, 2024; GEV trades on the NYSE.
  2. GE is now GE Aerospace, with two reportable segments: Commercial Engines and Services and Defense and Propulsion Technologies.
  3. Revised Q1 2024 total revenues of about $9.0B (vs. $16.1B as reported) reflect GE Vernova moved to discontinued operations.
  4. Q1 2024 continuing-operations EPS of $1.58 (diluted) vs. $1.38 as originally reported; adjusted EPS of $0.93 excludes a $0.58/share gain on retained and sold ownership interests.
  5. Q1 2024 free cash flow of about $1.7B, adjusted for separation and corporate restructuring cash costs.
  6. Continuing-operations cash of about $16.4B at March 31, 2024, after removing GE Vernova's cash.
  7. Information is preliminary and unaudited, is furnished rather than filed, and does not restate prior reported financials.

03—Questions

Frequently Asked Questions

  1. What did shareholders receive in the GE Vernova separation?

    Holders of record of GE common stock on March 19, 2024 received one share of GE Vernova common stock for every four GE shares held. Cash was paid in lieu of fractional shares, and GEV began trading on the NYSE on April 2, 2024.

  2. Why are the figures in this 8-K so much smaller than GE's originally reported results?

    GE Vernova's historical results are reclassified to discontinued operations, so the revised Q1 2024 revenue of about $9.0B covers only continuing operations, compared with $16.1B as originally reported. The filing does not restate prior statements; it provides supplemental recast information for comparability.

  3. Is the reported Q1 2024 earnings performance sustainable?

    Not entirely. Reported continuing-operations EPS of $1.58 includes a roughly $0.58 per share gain on retained and sold ownership interests. Adjusted EPS of $0.93 excludes this and other items, giving investors a better view of recurring earnings, though the filing is preliminary and unaudited.

  4. What are the new reporting segments?

    GE Aerospace now reports through two segments: Commercial Engines and Services, and Defense and Propulsion Technologies. The Exhibit 99.1 segment revenue tables show quarterly 2023 data for each segment on the recast basis.

  5. What risks should investors monitor going forward?

    The filing points to macroeconomic conditions including recession risk, inflation, and geopolitical conflict; supply chain disruptions; interest rates; volatility in financial assets such as the GE HealthCare equity stake; commodity prices and exchange rates; and capital allocation decisions on dividends, buybacks, and acquisitions.

04—Continue

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