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GENERAL ELECTRIC CO 8-K Report, Financial Results (Jan 23, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 23, 2025
Period End
January 23, 2025
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 January 23, 2025. Cited figures are marked; the original filing is the authoritative source.

GE Aerospace (formerly General Electric, reporting as a standalone aerospace company) released fourth-quarter and full-year 2024 results on January 23, 2025, showing strong demand and robust cash generation.

Q4 2024 orders rose 46% to $15.5Ba, GAAP revenue grew 14% to $10.8B, and continuing GAAP EPS more than doubled to $1.75 (up 62% year over year on a GAAP basis, with adjusted EPS of $1.32, up 103%). Full-year 2024 adjusted revenue grew 10% to $35.1B, operating profit rose 30% to $7.3B with a 20.7% margin, and free cash flow increased 28% to $6.1B. Reported full-year GAAP profit fell 27% to $7.6B, largely because 2023 included large gains on equity interests and the separation-related divestiture effects, so investors should focus on the adjusted metrics for comparability.

Management guided 2025 to adjusted revenue growth in the low double digits, operating profit of $7.8b-$8.2B, adjusted EPS of $5.10-$5.45, and free cash flow of $6.3-$6.8B with conversion above 100%. Commercial Engines & Services is expected to grow revenue in the mid-teens, while Defense & Propulsion Technologies is guided to mid-to-high single-digit growth. The company also announced $7 billion in share repurchase plans for 2025 and a proposed 30% dividend increase, subject to Board approval, following more than $6 billion returned to shareholders in 2024.

The balance sheet shows total assets declining to $123.1Bc from $173.3B, mainly due to discontinued operations being classified separately after the spin-offs, and total shareholders' equity falling to $19.3B. Investors should monitor the run-off insurance liabilities, the Bank BPH mortgage portfolio exposure, supply chain constraints that management is addressing through its FLIGHT DECK operating model, and execution against the aggressive 2025 targets.

02—Key points

Key Highlights

  1. Q4 2024 orders of $15.5B (+46%) and GAAP revenue of $10.8B (+14%); adjusted revenue of $9.9B (+16%).
  2. Q4 adjusted EPS of $1.32 (+103%) and free cash flow of $1.5B (+21%), with full-year FCF of $6.1B (+28%).
  3. Full-year 2024 operating profit of $7.3B (+30%) with a 20.7% operating margin, up 330 bps, while GAAP profit fell 27% to $7.6B.
  4. Commercial Engines & Services Q4 margin expanded 490 bps to 28.2% on spare parts volume, shop visit workscope, and pricing.
  5. 2025 guidance: adjusted revenue growth in the low double digits, operating profit of $7.8-$8.2B, adjusted EPS of $5.10-$5.45, and FCF of $6.3-$6.8B (>100% conversion).
  6. Announced $7B of 2025 share repurchases and a proposed 30% dividend increase, subject to Board approval.
  7. Total assets fell to $123.1B from $173.3B as discontinued operations were reclassified, and shareholders' equity declined to $19.3B.

03—Questions

Frequently Asked Questions

  1. Why did GAAP profit decline 27% in 2024 even though operating profit grew 30%?

    The 2023 GAAP results included large non-operating gains of about $5.8B from retained and sold ownership interests, which inflated the prior-year base. Operating profit excludes these gains and other items such as separation costs, restructuring, and goodwill impairments, so it better reflects ongoing performance.

  2. What is driving the strength in the Commercial Engines & Services segment?

    Q4 orders rose 50% and services revenue grew 12%, driven by expanded shop visit workscope, higher spare parts volume, and price. Segment operating margin expanded 490 bps to 28.2% in the quarter, with full-year margin up 250 bps to 26.2%.

  3. How much capital is GE Aerospace returning to shareholders, and what does the 2025 outlook imply?

    The company returned more than $6B to shareholders in 2024 and plans $7B of share repurchases in 2025, plus a proposed 30% dividend increase subject to Board approval. With 2025 FCF guided to $6.3-$6.8B, the buyback plan is larger than expected free cash flow, implying reliance on existing cash and other sources of liquidity.

  4. What are the main risks to achieving the 2025 guidance?

    Key risks include supply chain constraints and the ability to ramp production, execution on services turnaround times, inflation, macroeconomic and aviation demand shifts, product quality or safety issues, and the run-off insurance operations and Bank BPH mortgage exposure that may require capital.

04—Continue

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