General Electric Company (NYSE:GE) Q3 2024 Earnings Conference Call October 22, 2024 7:30 AM ET

Company Participants

Blaire Shoor - Investor Relations
Lawrence Culp - Chairman and CEO
Rahul Ghai - Senior Vice President and Chief Financial Officer

Conference Call Participants

David Strauss - Barclays
Douglas Harned - Sanford C. Bernstein & Co.
Robert Stallard - Vertical Research
Myles Walton - Wolfe Research
Sheila Kahyaoglu - Jefferies
Ronald Epstein - Bank of America
Seth Seifman - JPMorgan
Scott Deuschle - Deutsche Bank
Gautam Khanna - TD Cowen
Ken Herbert - RBC Capital Markets
Noah Poponak - Goldman Sachs

Operator

Good day, ladies and gentlemen, and welcome to the GE Aerospace Third Quarter 2024 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]. As a reminder, this conference is being recorded.

I would now like to turn the program over to your host for today's conference, Blaire Shoor, from the GE Aerospace Investor Relations team. Please proceed.

Blaire Shoor

Thanks, Liz. Welcome to GE Aerospace's third quarter 2024 earnings call. I'm joined by Chairman and CEO, Larry Culp; and CFO, Rahul Ghai. 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 website, those elements may change as the world changes.

Now over to Larry.

Lawrence Culp

Blaire, thank you, and good morning. We're pleased to be joining you from GE Aerospace's headquarters in Evendale, Ohio. For more than a century, GE Aerospace employees have been inventing the future of flight, lifting people up and bringing them home safely. Those last four words, bringing them home safely, are an incredible responsibility and will always be our top priority and core to our culture. We're motivated each day by our purpose and guided by FLIGHT DECK, our proprietary lean operating model. Our team is dedicated to safety, quality, delivery, and cost in that order. That focus will enable us to meet the significant demand of today, while building the innovative solutions of tomorrow. It is because of the shared commitment of our 52,000 employees around the world that we have the privilege to continue to advance flight for today, tomorrow, and the future.

Turning to our third quarter performance. Orders were up 28%, driven by robust demand, and we delivered strong earnings and cash. Revenue was up 6% from growth in services and equipment, while operating profit was up 14%, and adjusted EPS up 25%. Free cash flow was $1.8 billion, with conversion of more than 140%.