General Electric Company (NYSE: GE), which became three separate companies after a recent split, reported a sharp increase in adjusted earnings for the first quarter of 2024 when the firm’s revenues grew in double digits.
The company posted adjusted earnings of $0.82 per share for the March quarter, compared to $0.27 per share a year earlier. On an unadjusted basis, net profit from continuing operations decreased to $1.38 per share in Q1 from $5.56 per share in the first quarter of 2023. Total revenues increased 11% year-over-year to $16.1 billion during the three months.
“We marked a new beginning in early April with the successful spin-off of GE Vernova and the launch of GE Aerospace, completing our multi-year transformation. Our teams achieved this milestone while delivering strong results in the first quarter led by significant profit and cash growth at GE Aerospace,” said Lawrence Culp, chief executive officer of GE.