General Electric (NYSE:GE) Q4 2023 Earnings Conference Call January 23, 2024 7:30 AM ET
Company Participants
Steve Winoker - Vice President, Investor Relations
Larry Culp - Chairman and Chief Executive Officer, GE Aerospace
Rahul Ghai - Senior Vice President and Chief Financial Officer, GE Aerospace
Scott Strazik - Chief Executive Officer, GE Vernova
Conference Call Participants
Myles Walton - Wolfe Research
Joe Ritchie - Goldman Sachs
Ken Herbert - RBC Capital Markets
Julian Mitchell - Barclays
Sheila Kahyaoglu - Jefferies
Andrew Obin - Bank of America Merrill Lynch
Seth Seifman - JPMorgan
Andrew Kaplowitz - Citi Group
Scott Deuschle - Deutsche Bank
Operator
Good day, ladies and gentlemen, and welcome to the General Electric Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. My name is Liz and I will be your conference coordinator today. [Operator instructions] If you experience issues with the webcast slides refreshing or there appears to be delays in the slight 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.
Steve Winoker
Thanks, Liz. Welcome to GE's fourth quarter 2023 earnings call. I'm joined by Chairman and CEO Larry Culp, and CFO, Rahul Ghai. We are also pleased to have GE Vernova CEO, Scott Strazik here to share additional insights of our performance and business guidance. Many 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. GE made tremendous progress in 2023 with excellent operating results, the successful spin of GE Healthcare, and the ongoing lean transformation of our company. 2024 will be a momentous year, as we launched GE Aerospace and GE Vernova in early April. Looking at our results, we more than tripled our earnings and generated almost 70% more free cash flow in 2023. The GE Aerospace drove double digit revenue, profit and cash growth with continued strength in commercial engines and services. Deep and over delivered meaningfully better results as Renewable Energy and Power together generated positive profit and free cash flow.