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GE Aerospace (GE+1.21%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations through two segments: Commercial Engines & Services and Defense & Propulsion Technologies. The Commercial Engines & Services segment accounted for 70% of total revenue, with services representing 74% of total CES revenue.
Total revenue for the year was $38.7 billion, an increase of 9% from the previous year. Equipment revenue increased to $10.3 billion, while services revenue rose to $24.8 billion.
Net earnings attributable to common shareholders were $6.6 billion, with earnings per share of $6.09. This represents a decrease from the previous year's earnings of $9.2 billion.
The company reported a total of $171.6 billion in remaining performance obligations, an increase from $154.0 billion the previous year, driven by higher equipment orders and long-term service agreements.
GE Aerospace's research and development expenses were $2.7 billion, reflecting continued investment in new technologies and products.
The filing also discusses the company's spin-off of GE Vernova and GE HealthCare, with GE Aerospace maintaining certain liabilities and agreements with these entities.
GE Aerospace's insurance operations, which are in run-off, reported revenue of $3.6 billion and a profit of $1.0 billion.
The filing identifies various risk factors, including global economic conditions, competitive pressures, and regulatory changes, which could impact future performance.
The company continues to focus on its strategic priorities, including increasing production capacity and investing in new technologies to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GE Aerospace annual 10-K report dated February 3, 2025. To report an error, please email earnings@qz.com.