General Electric (GE) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 25, 2023 7:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen, and welcome to General Electric Second Quarter 2023 Earnings Conference Call. [Operator Instructions].

My name is Liz, and I will be your conference coordinator today. If you experience issues with the webcast slides refreshing where there appears to be delays in the slide advancement, please hit F5 on your keyboard to refresh. As a reminder, this conference is being recorded.

I would now like to turn the program over to your host for today's conference, Steve Winoker, Vice President of Investor Relations. Please proceed.

Steven Winoker

Thanks, Liz. Welcome to GE's second quarter 2023 earnings call. I'm joined by Chairman and CEO, Larry Culp; and CFO, Carolina Dybeck Happe. GE Aerospace CFO Rahul Ghai will also assume the role of GE’s CFO in September will join us for Q&A. Some of the statements we're making are forward-looking and based on our best view of the world and our businesses as we see them today.

As described in our SEC filings and on our website, those elements may change as the world changes.

Over to Larry.

Larry Culp

Steve, thank you and good morning everyone. The GE team turned in another strong quarter with double-digit growth in orders, revenue, operating profit and cash, supported by services strength from past market demand and a lean transformation within our more focused businesses. In the first half alone, earnings have now surpassed our full year 2022 results.

GE Aerospace is growing rapidly as we execute on the ramp to our customers, and GE Vernova is strengthening increased spin with record orders in improving profitability at Renewable Energy and continued margin expansion and power. Based largely on year-to-date performance and expectations for continued strength in the second half, we are raising full year guidance today.

Big picture is a clear sense of progress, passion and purpose within our businesses. This was particularly evident to me when I was in France last month. At the Paris Air Show, GE Aerospace shared our bold vision to define flight for today, tomorrow and the future during meetings with customers, suppliers and investors. CFM’s RISE demonstrator program drew a lot of excitement, as it aims to reduce fuel consumption and CO2 emissions by at least 20% compared to today's most efficient engines.