Engineering conglomerate The General Electric Company (NYSE: GE) on Tuesday reported net profit for the third quarter of 2023, compared to a loss last year.
The Boston-based company posted adjusted earnings of $0.82 per share for the September quarter, compared to a loss of $0.17 per share a year earlier. On an unadjusted basis, net profit from continuing operations was $84 million or $0.08 per share, compared to a loss of $313 million or $0.29 per share in the third quarter of 2022. Total revenues increased 20% year-over-year to $17.3 billion during the three-month period.
“At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in Commercial Engines and Services. At GE Vernova, our Grid and now Onshore Wind businesses were both profitable this quarter and we expect their performance to continue to improve,” said Lawrence Culp, chief executive officer of GE.