- GE Aerospace launches as an independent public company defining
the future of flight
- Positioned to deliver long-term growth as a global leader in
propulsion, services and systems
- Launch of GE Aerospace marks successful completion of GE’s
multi-year transformation
- GE Aerospace to trade on the New York Stock Exchange (NYSE)
under the ticker “GE”
GE Aerospace (NYSE: GE) today announced its official launch as
an independent public company defining the future of flight,
following the completion of the GE Vernova spin-off. GE Aerospace
will trade on the New York Stock Exchange (NYSE) under the ticker
“GE”. Today, April 2, 2024, at 9:30 a.m. ET, GE Aerospace and GE
Vernova will ring the opening bell together at the NYSE.
GE Aerospace Chairman and CEO H. Lawrence Culp Jr., said, “With
the successful launch of three independent, public companies now
complete – today marks a historic final step in the multi-year
transformation of GE. I am tremendously proud of our team, their
resilience, and their dedication to achieving this defining
moment.”
Culp continued, “Building on a century of learning and carrying
forth GE’s legacy of innovation, GE Aerospace moves forward with a
strong balance sheet and greater focus to invent the future of
flight, lift people up, and bring them home safely. With FLIGHT
DECK, our proprietary lean operating model, as our foundation, I am
confident we will realize our full potential in service of our
customers, employees, and shareholders.”
With an installed base of approximately 44,000 commercial
engines and approximately 26,000 military and defense engines
around the world, GE Aerospace launches as an established global
leader in propulsion, services, and systems. The company generated
approximately $32 billion in adjusted revenue* in 2023, with 70%
generated by services and the strong economics of the engine
aftermarket.
At the company’s Investor Day in March, GE Aerospace reaffirmed
its 2024 guidance and presented a longer-term financial outlook,
including expecting to achieve ~$10 billion of operating profit* in
2028. Additionally, GE Aerospace shared a capital allocation
framework to invest in growth and innovation, while also returning
approximately 70-75% of available funds to shareholders.
The launch of GE Aerospace represents the completion of GE’s
multi-year financial and operational transformation. Over the last
several years GE has taken steps to significantly strengthen the
business, including more than $100 billion in debt reduction since
2018. Simultaneously, the company-wide implementation and adoption
of lean and a relentless pursuit of continuous improvement in
service of the customer, enabled a deep and sustainable shift in
culture. This stronger foundation enabled the successful creation
of three independent companies – GE HealthCare, GE Vernova, and GE
Aerospace – each of which are now well-positioned to build upon
GE’s history of innovation.
Holders of GE common stock were entitled to receive one share of
GE Vernova common stock for every four shares of GE common stock
held. For United States federal income tax purposes, the
distribution has been conducted in a tax-efficient manner for GE
shareholders in the United States.
Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal
counsel. Evercore, Morgan Stanley, and PJT Partners were the lead
financial advisors on the transaction. The company also received
legal advice from DLA Piper and Gibson, Dunn & Crutcher LLP and
financial advice from Citibank, The Consello Group, BNP Paribas,
and UBS.
GE Aerospace will issue its first quarter 2024 earnings on April
23, 2024 and will host its earnings call at 7:30 a.m. ET, which can
be accessed here.
For additional information, please visit GE Aerospace’s
“Spin-off Resources” page here.
Non-GAAP Financial Measures
In this document, we sometimes use information derived from
consolidated financial data but not presented in our financial
statements prepared in accordance with U.S. generally accepted
accounting principles (GAAP). Certain of these data are considered
“non-GAAP financial measures” under the U.S. Securities and
Exchange Commission rules. These non-GAAP financial measures
supplement our GAAP disclosures and should not be considered an
alternative to the GAAP measure. The reasons we use these non-GAAP
financial measures and the reconciliations to their most directly
comparable GAAP financial measures are included in our earnings
releases and the appendix of the GE Aerospace 2024 Investor Day
investor presentation, as applicable.
Caution Concerning Forward Looking Statements:
This document contains “forward-looking statements” — that is,
statements related to future, not past, events. These forward-
looking statements often address GE Aerospace’s expected future
business and financial performance and financial condition, and
often contain words such as “expect,” “anticipate,” “intend,”
“plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,”
“forecast,” “target,” “preliminary,” or “range.” Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain, and are subject to risks, uncertainties and
assumptions. For GE Aerospace, particular areas where risks or
uncertainties could cause GE’s actual results to be materially
different than those expressed in GE Aerospace’s forward-looking
statements include: changes in macroeconomic and market conditions
and market volatility, including risk of recession, inflation,
geopolitical conflict; supply chain constraints or disruptions,
interest rates, the value of securities and other financial assets
(including GE Aerospace’s equity interest in GE HealthCare),
commodity prices and exchange rates, and the impact of such changes
and volatility on GE Aerospace’s business operations, financial
results and financial position; GE Aerospace’s capital allocation
plans, including the timing and amount of dividends, share
repurchases, acquisitions, organic investments, and other
priorities; and other factors that are described in the “Risk
Factors” section of our Annual Report on Form 10-K for the year
ended December 31, 2023, as such description may be updated or
amended in any future reports that GE Aerospace files with the SEC.
These or other uncertainties may cause GE Aerospace’s actual future
results to be materially different than those expressed in its
forward-looking statements. GE Aerospace does not undertake to
update its forward-looking statements.
About GE Aerospace
GE Aerospace (NYSE: GE) is a global aerospace propulsion,
services, and systems leader with an installed base of
approximately 44,000 commercial and 26,000 military aircraft
engines. With a global team of 52,000 employees building on more
than a century of innovation and learning, GE Aerospace is
committed to inventing the future of flight, lifting people up, and
bringing them home safely. Learn more about how GE Aerospace and
its partners are defining flight for today, tomorrow and the future
at www.geaerospace.com
* Non-GAAP Financial Measure
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version on businesswire.com: https://www.businesswire.com/news/home/20240402795908/en/
GE Aerospace Investor Contact: Steve Winoker,
617.443.3400 swinoker@ge.com
GE Aerospace Media Contact: Nicole Sizemore, 203.945.9783
nicole.sizemore@ge.com
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