GE released its Q4 and full-year 2022 earnings on Tuesday, topping analysts’ expectations for revenue and profits.
The conglomerate reported $21.8B in total revenues for the quarter, up 7% YoY. Total orders came in at $25.4B, up 15% YoY and spurred by the company’s engine and power business. Full-year revenue and orders were $76.6B and $83B, respectively.
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- GE posted Q4 adjusted EPS of $1.24 and full-year adjusted EPS of $2.62.
- GE expects an operating loss between $200M and $600M for its energy business GE Vernova in 2023.
- The company’s renewable energy unit posted $2.2B in losses in 2022.
- CEO Larry Culp said the company is still struggling with high inflation and supply chain issues.
- Culp added that inflation would be a test for the company this year; GE has raised its prices to offset higher costs.
- The company completed the spin-off of its healthcare business earlier this month and plans to complete the spin-off of its energy business, including its renewables unit, in 2024.
- GE shares closed at $80.70 on Tuesday, up ~1% for the day.
