General Electric Q1 Highlights: Double-Digit Orders & Revenue Growth, Earnings Beat & More

• General Electric Co (NYSE: GE) reported first-quarter FY23 revenues of $14.49 billion, an increase of 14% year-over-year, beating the consensus of $13.36 billion.

• Total orders increased by 25% Y/Y to $17.6 billion and up 26% on an organic basis.

• Adjusted EPS was $0.27, up from $(0.09) a year ago, beating the consensus of $0.14.

• GE reported a profit margin GAAP of 44.8%, up by 5,410 bps, and an Adjusted operating margin of 6.4%, up 330 bps organically.

• Aerospace's Q4 revenues jumped 25% Y/Y to $6.98 billion, driven by continued commercial service revenue growth, while orders rose 14% to $8.21 billion.

• GE Vernova Renewable Energy orders increased by 94% and revenue by 5% Y/Y organically, driven by higher equipment demand at Grid and Onshore Wind in North America.

• GE Vernova Power Orders were flat at $4.1 billion and increased 1% organically. Revenues increased by 11% Y/Y organically to $3.8 billion, driven by transactional and Aeroderivative service growth at Gas Power.

• Cash from Operating Activities for the quarter totaled $155 million, compared to negative $(924) million a year ago.

• The company completed the spin-off of GE HealthCare into an independent publicly traded company, retaining an ~19.9% stake in GE HealthCare's common stock.

• GE repurchased ~3.2 million shares for $0.3 billion during the quarter, with $1.7 billion remaining under the authorization.

• FY23 Guidance: GE raised the low end of its full-year adjusted EPS and free cash flow ranges. However, it continues to expect high-single-digit revenue growth for 2023.

• GE now expects adjusted EPS of $1.70-$2.00 (prior $1.60 - $2.00) versus $1.98 consensus and free cash flow of $3.6 billion - $4.2 billion (prior $3.4 billion - $4.2 billion).

• Price Action: GE shares are trading higher by 1.65% at $101.80 premarket on Tuesday.

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