Monday, January 30, 2023

General Electric made $225 million in 2022 compared to 2021 losses

The General Electric (GE) conglomerate posted profits of $225 million in 2022 compared to losses of $6.52 billion the previous year, due to increased demand after the pandemic.

The company created at the end of the 19th century by Thomas Edison, which has separated several of its businesses in recent years and plans to focus on aviation, had an annual turnover of US$76.555 million, 3% higher, it reported on Tuesday. it’s a statement.

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp said 2022 “marked the beginning of a new era for GE.”

“We successfully launched GE HealthCare, achieved strong financial performance, made significant operational progress, and continued our strong commitment to our customers,” he detailed, saying that the company ended the year “with strong revenue growth and cash flow.” free cash of US$4.800 million”.

Looking ahead, Culp noted that the company is “positioned to drive growth, earnings and cash.”

“We expect single-digit revenue growth and strong free cash flow generation for GE in 2023,” he added.

In the fourth and final quarter, the most followed by Wall Street analysts, GE earned $2.238 billion compared to the $3.843 billion the company lost in the same stretch of 2021, while its revenue increased 7% year-on-year, to US$21,786 million.

The results were well received on the stock market and the company’s shares rose 2.17% before the opening of Wall Street.

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