Fourth-quarter revenues increased to $12.71 billion from $10.8 billion in the prior-year quarter, surpassing analysts’ forecasts. At $22.8 billion, orders increased 76% during the quarter, with Services increasing 18% and Equipment more than doubling.
Continuing earnings, excluding special items, climbed to $1.57 per share in the December quarter from $1.32 per share a year earlier. Analysts were looking for a lower number for the latest quarter. Net income attributable to shareholders was $2.54 billion or $2.40 per share in Q4, vs. $1.90 billion or $1.75 per share in the prior-year quarter.
Lawrence Culp, Jr., CEO of GE Aerospace, said, “With a strong fourth quarter, GE Aerospace delivered an outstanding year as revenue grew 21%, EPS was up 38%, and free cash flow conversion exceeded 100%. Our performance demonstrates how FLIGHT DECK is taking hold as we accelerated services and equipment output to fulfill our growing backlog of roughly $190 billion.”