Engineering conglomerate The General Electric Company (NYSE: GE) on Tuesday reported higher profit and revenues for the second quarter of 2023.
The Boston-based company posted adjusted earnings of $0.68 per share for the June quarter, compared to $0.36 per share a year earlier. On an unadjusted basis, net profit from continuing operations was $996 million or $0.91 per share, compared to a loss of $1.20 billion or $1.09 per share in the second quarter of 2022. Total revenues came in at $16.7 billion during the three-month period, which is up 18% from last year.
“GE’s second-quarter performance was strong, building on our first-quarter momentum and marking a solid first half of the year. Orders and revenue grew double digits, led by robust services growth across our portfolio, increased demand at GE Aerospace, and record Renewable Energy orders,” said Lawrence Culp, chief executive officer of GE.