The General Electric Company (NYSE: GE) reported a sharp increase in adjusted earnings for the fourth quarter of 2023 when the engineering conglomerate’s revenues grew in double digits.
The company posted adjusted earnings of $1.03 per share for the December quarter, compared to $0.66 per share a year earlier. On an unadjusted basis, net profit from continuing operations decreased to $1.59 billion or $1.44 per from $1.79 billion or $1.53 per share in the fourth quarter of 2022. Total revenues increased 15% year-over-year to $19.4 billion during the three months.
“2024 will be a momentous year as GE Aerospace and GE Vernova plan to launch as independent public companies in early April. Both companies will carry forward GE’s commitment to innovation and continuous improvement, with even sharper focus on their vital, growing industries,” said Lawrence Culp, chief executive officer of GE.