The General Electric Company (NYSE: GE) on Tuesday reported a profit for the first quarter of 2023, compared to a loss last year. The engineering behemoth’s revenues increased.
The Boston-based company posted adjusted earnings of $0.27 per share for the March quarter, compared to a loss of $0.09 per share a year earlier. On an unadjusted basis, net profit from continuing operations was $6.49 billion or $5.56 per share, compared to a loss of $1.18 billion or $1.16 per share in the first quarter of 2022. Total revenues came in at $14.5 billion during the three-month period, which is up 14% from last year.
“In the first quarter, we delivered double-digit top-line growth with all segments up organically and continued strength in services, as well as margin expansion in all segments. And we reported our first positive free cash flow in the first quarter in nearly a decade,” said Lawrence Culp, chief executive officer of GE.
