GE has released its 2005 ecomagination report, showing that revenues from the sale of energy efficient and environmentally advanced products and services hit $10.1 billion in 2005, up from $6.2 billion in 2004 -- with orders nearly doubling to $17 billion. General Electric revenue for the twelve months ending March 31, 2021 was $77.247B, a … GE’s loss totaled $10.01 billion in the quarter, compared with a profit of $3.48 billion a year earlier. In that year, General Electric generated some 15.7 billion U.S. dollars in revenue in Europe. In the first quarter of 2021, GE's total revenue slumped 12% to $17.1 billion. https://www.cnbc.com/2021/01/26/general-electric-ge-q4-2020-earnings.html GE will hold on to the insurance portfolio, for example, which had $50 billion in assets at the end of 2020; the holdings have become less of a wild card recently, thanks in part to rising interest rates. "GE ANNOUNCES FIRST QUARTER 2021 RESULTS," Page 5. But in early 2018, not long after CEO John Flannery took the helm, GE shocked investors when it disclosed a $15 billion shortfall in reserves in an old portfolio of long-term-care insurance policies that had badly deteriorated, a reminder of the risks lurking in GE Capital. GE expects full-year earnings in the range of 15 cents to 25 cents per share. He hit the gas pedal in 2015 with a plan to offload more than half of GE Capital’s assets while holding on to only those businesses that supported GE’s manufacturing operations. That market is expected to grow rapidly in the years ahead, and GE forecasts its offshore wind gear will produce $3 billion in additional revenue by 2024. That would bring total debt reduction—a top priority for Culp since he became CEO in 2018—to about $70 billion since that year. Earnings per share serve as an indicator of a company's profitability. Adjusted earnings per share (EPS) were 50% higher than analyst expectations at $0.03. The industrial conglomerate posted revenue of $17.12 billion in the period, which did not meet Street forecasts. Markopolos has … Simplification isn’t without risk. With the $30 billion sale of the largest remaining business of once-dominant GE Capital, the company bets that green power generation and aviation will be more financially stable. A decade ago, GE Capital had more than $600 billion in financial assets. Overall, executives say that solid Q1 results have set up GE to deliver on its 2021 commitments. Besides power and aviation, revenues also fell in healthcare. Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock. "TradingView." Accessed April 27, 2021. Still, GE Aviation CEO John Slattery says the unit is continuing to invest in the next generation of jet engines as the industry faces increasing pressure to reduce its carbon footprint. In the first quarter of 2021, GE's total revenue slumped 12% to $17.1 billion. These include white papers, government data, original reporting, and interviews with industry experts. In 2019, GE Aviation generated $4.4 billion of free cash flow on $32.9 billion of revenue. Revenue at GE's gas power business fell by $426 million on an organic, or comparable basis from a year ago, more than the $387 million decline in such revenue in the aviation unit. An earnings surprise occurs when a company's reported quarterly or annual profits are above or below the analysts' expectations. TradingView. GE shares have climbed 26% since the beginning of the year, while the S&P’s 500 index has risen 11%. Exiting the first quarter of 2021, General Electric had cash and cash equivalents of $31.8 billion, down 13.1% from $36.6 billion recorded at the end of the previous quarter. GE's renewable energy business has grown much faster than the company's overall revenue in recent years, in part because the conglomerate has shed many longtime legacy units, such as its lightbulb business. "GE ANNOUNCES FIRST QUARTER 2021 RESULTS," Page 2. Gulf Tiger is a colloquial term sometimes used to refer to Dubai, which is a Middle Eastern city. Safran’s consolidated commercial aviation service revenues fell about 31% in 2020 to about $5.6 billion. Power-plant operators’ push to curb emissions also poses a challenge for GE Power, a gas-turbine business whose installed equipment provides about half of the world’s gas-power generation. Importantly, they’ll be creating or supporting jobs in … Read more: Larry Culp Was Smart to Keep GE in the Health-Care Business, GE Is Finally Trading Its Bankers’ Stripes for a Hard Hat. Before it's here, it's on the Bloomberg Terminal. The unit is recovering from revenue declines caused in part by excess global capacity and the pivot toward renewable energy. GE Industrial was a division providing appliances, lighting and industrial products; factory automation systems; plastics, silicones and quartz products; security and sensors technology, and equipment financing, management and operating services. General Electric Company [GE] Revenue clocked in at $87.87 billion, down -39.52% YTD: What’s Next? GE’s credit rating may be cut, because the debt on its industrial balance sheet will rise to about $70 billion after the AerCap transaction closes. Chief Executive Larry Culp declined to be drawn in on when cash flow might recover, and said some of the $2 billion in cost cutting the company was undertaking to … GE shares have lost 5.4% of their value in August 15 pre-market trading — and now sports a market capitalization of $74.5 billion. GE announced in its Q1 earnings release that it predicts industrial revenues to grow in the low-single-digit range for 2021, with adjusted EPS for the year between $0.15 and $0.25. At the time the deal was announced in February, Danaher estimated that GE biopharma would generate around $3.2 billion in revenue in 2019, representing growth of around 7% in 2019. Strength in GE's healthcare unit could not offset the downward trend in its aviation line. GE. “As General Electric shifts to growth investments and organic sales after years of portfolio pruning and balance-sheet repair, we believe secular tailwinds in markets affected by climate change could fuel long-term market-share gains,” Bloomberg Intelligence analysts Karen Ubelhart and Christina Constantino wrote in a March 16 note. Some remnants of GE Capital will remain with the company after the AerCap deal. We also reference original research from other reputable publishers where appropriate. Accessed April 27, 2021. GE reported $3.2 billion in revenue for its renewable energy unit, matching analyst expectations and increasing about 2% year over year (YOY). GE Healthcare generated $18 billion in revenue last year, or 12% of General Electric ’s total revenue. GE expects the division—which has accounted for about $1.5 billion in combined losses during the last two years—to begin generating cash this year and turn a profit in 2022 as it ramps up installations of massive offshore wind turbines. MarketScreener. Nathan Reiff has been writing expert articles and news about financial topics such as investing and trading, cryptocurrency, ETFs, and alternative investments on Investopedia since 2016. GE Gas Power CEO Scott Strazik says the company’s latest generation of large turbines emit about a third of the carbon dioxide produced by coal and can operate on fuels blended with as much as 60% hydrogen, which is drawing greater attention because it emits no carbon dioxide when burned. Revenue in the segment fell about 6% from a year earlier to $4.44 billion. Jet lessor GE Capital Aviation Services, or Gecas, was the biggest remaining business of GE Capital, the once-sprawling financial-services company that in 2010 had more than $600 billion in assets. “That’s why I say this is so transformational for us,” Culp says. Revenue at GE's gas power business fell by $426 million on an organic, or comparable basis from a year ago, more than the $387 million decline in such revenue in the aviation unit. The five agreements are expected to deliver more than $2 billion in revenue for GE, which is the nation’s second-largest manufacturing exporter, and generate more than $1 billion in exports from the U.S. GE. On the other hand, revenue came in slightly below analyst expectations. That transformation brought with it a maddeningly complex web of businesses, opaque accounting, and financial risk that dogged it for years. "GE 2021 first quarter performance," Page 6. The moves “will significantly simplify not only reporting but also the ability for management to focus on GE ‘making things’ again,” UBS analyst Markus Mittermaier said in a client note. Adjusted EPS beat analyst expectations, while revenue came in slightly below predictions. GE shares were down more than 3% in pre-market trading following the earnings release. After the unit’s sale to Irish rival AerCap Holdings NV closes a year from now, GE plans to transfer what it says are just $21 billion in remaining GE Capital assets onto its industrial balance sheet. Accessed April 27, 2021. The company plans to spend $1.8 billion on research and development efforts this year, in line with 2020 levels, in a push to develop a next-generation engine for single-aisle jets that offers a more than 20% reduction in fuel burn compared with the latest engines from CFM International Inc., GE’s joint venture with France’s Safran SA. Business; GE revenues: nearly a billion dollars have been wiped out by the coronavirus GE estimates FCF of $2.5 billion-$4.5 billion from industrial operations for the year, after turning cash-positive a year ahead of schedule in 2020. GE’s total revenue hit nearly $124 billion last year. GE expects its revenue and profit margins to improve in 2021 as air travel begins to recover, but most of that improvement won’t come before the second half. Accessed April 27, 2021. We’re really not going to talk about Capital going forward.”. GE's aviation unit makes airplane engines for Boeing and Airbus, and is … GE plans to use proceeds from the deal—which include $24 billion in cash, a 46% stake in AerCap valued at $6 billion, plus an additional $1 billion at closing—to help pay down another $30 billion from the company’s bloated debt load. Bitcoin’s Waning Dominance Stirs Warning of Crypto Market Froth, CDC Limits Review of Vaccinated but Infected; Draws Concern, Days of Torrid Dogecoin Gains Erased as Musk ‘SNL’ Episode Airs, Deadly Fungus Infection Found in Covid-19 Patients in India, Largest U.S. Fuel Pipeline Vows to Recover From Hack in Days. GE reported $3.2 billion in revenue for its renewable energy unit, matching analyst expectations and increasing about 2% year over year (YOY). GE’s Power division reported a 13% drop in year-over-revenue, to $4.025 billion, down from $4.617 billion in the first quarter of 2019. And though gas turbines are a major source of carbon emissions, GE executives have argued that gas is still a cleaner fuel for utilities than coal. The company expects revenue to slip again this year at its gas-fired power-turbine business amid a shift toward renewable energy sources to meet carbon-reduction targets. GE paid a civil penalty of $0.2 billion in December 2020, of which $0.1 billion was recorded at Corporate and $0.1 billion was recorded at GE Capital. It’s made progress, generating positive free cash flow in 2020, a year earlier than planned. GE’s total revenue hit nearly $124 billion last year. As of 2007 it had 70,000 employees generating $17.7 billion in revenue. What Are General Electric’s Major Sources Of Revenues? The company also fares well on the liquidity front, with $32 billion of cash, and GE reduced its debt by approximately $4 billion in the quarter. Investopedia requires writers to use primary sources to support their work. Accessed April 27, 2021. GE today reaffirmed that "green is green," reporting that revenues from its portfolio of energy efficient and environmentally advantageous products and services surged past $12 billion in 2006, up 20% from 2005, while the order backlog rose to $50 billion. General Electric annual/quarterly revenue history and growth rate from 2006 to 2021. The offers that appear in this table are from partnerships from which Investopedia receives compensation. "GENERAL ELECTRIC COMPANY (GE)." GE's Key Metric: Renewable Energy Revenue, How the Utilities Sector is Used by Investors for Dividends and Safety. GE’s revenue fell 12% to $17.1 billion, reflecting a 28% decline in its aviation unit and a 9% drop in its healthcare unit after selling off part of the business. Cracks began to show after Jeffrey Immelt took over in 2001, and the lending unit almost sank its industrial parent during the 2008 financial crisis. General Electric Company (GE), known to investors as GE, reported Q1 FY 2021 earnings that were mixed. So when Chief Executive Officer Larry Culp on March 10 announced a $30 billion deal to unload GE’s aircraft-leasing business, the move returned something long absent from GE: simplicity. GE-Ecomagination GE. Aviation generates its revenues by … Revenue at GE's gas power business fell by $426 million on an organic, or comparable basis from a … GE. "GE 2021 first quarter performance," Page 5. Year-over-year (YOY) describes how investors can see a difference in financials or information of a company between comparable quarters or years. Immelt moved to shrink GE Capital in the years that followed. It will also stop reporting results for GE’s financial-services, industrial, and combined businesses separately, streamlining the complex financial reports that fueled criticism that trouble could—and sometimes did—lurk for years in those accounting statements before revealing itself. Airline travel is depressed and will remain below pre-pandemic levels for years, crimping GE’s jet-engine unit. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income. Accessed April 27, 2021. After parent GE sells its aircraft-leasing unit, its financial-services assets will fall to $21 billion. At the very least, having GE Capital in the rearview mirror leaves Culp with one less problem to worry about. 60-plus delinquencies are home loans that are more than 60 days past due on their monthly mortgage payments. Aviation: $29.7 billion in FY 2018 (24% of Total Revenues). Four analysts surveyed by Zacks expected $17.58 billion. ... Total revenue in the quarter fell to $31.40 billion from $33.09 billion. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. "GE ANNOUNCES FIRST QUARTER 2021 RESULTS," Page 7. Revenues fell 12 percent to $17.1 billion. The utilities sector is a category of stocks for companies that provide basic services including natural gas, electricity, water, and power. Elsewhere, Power revenue slipped 3% to $3.92 billion, below expectations of $4.00 billion, and Renewable Energy revenue rose 2% to $3.23 billion, but came up just shy of the $3.26 billion … The company now expects $12 billion in digital revenue in 2020, compared with $15 billion under the old definition. GE. GE. GE's aviation unit is specifically impacted; a unit that is crucial to the company's profitability. The company now expects $12 billion in digital revenue in 2020, compared with $15 billion under the old definition. GE posted total revenue of $20.524 billion, which represents a year-over-year decline of 8%. GE Aviation, the company’s biggest industrial business at $22 billion in revenue last year—and historically its most profitable division—has been gutted by … Still, there are reasons for optimism, including industrial free cash flow performance up $1.7 billion YOY and significant improvement in working capital flows over the same period. The news prompted an investigation by U.S. securities regulators that resulted in a settlement in December, in which GE agreed to pay a $200 million penalty without admitting or denying wrongdoing. GE has said it plans to use proceeds from the deal to repay another $30 billion in debt, bringing its total reduction of borrowing since 2018 to $70 billion.Culp last … GE shares have lost 5.4% of their value in August 15 pre-market trading — and now sports a market capitalization of $74.5 billion. Culp told analysts that should a prospective buyer show interest, GE “would entertain those conversations.”, For now, his core focus is on managing debt while increasing revenue amid the rebounding post-pandemic economy and the continuing green revolution, something some analysts say is a possibility. In the Q1 earnings webcast presentation, GE executives emphasized that the company faces continued organic top-line pressure. As part of GE's continued efforts to align its financial statements with the way it operates the company, and for improved JPMorgan Chase & Co. analyst Steve Tusa, a longtime GE bear, expressed concern about the deal’s effect on the company’s debt load in a note to clients, saying, “We see material downside from here” for GE’s shares. GE Chief Financial Officer Carolina Dybeck Happe says the company plans to buy back $25 billion of its bonds after the sale and aims to reach debt of less than $45 billion by 2023. GE. At its peak, it accounted for about half of GE’s sales and profits. GE's revenue fell 12% to $17.1 billion, reflecting a 28% decline in its aviation unit and a 9% drop in its healthcare unit after selling off part of the business. GE's next earnings report is estimated to be released on July 16, 2021. "GE 2021 first quarter performance," Page 2. As one of GE's fastest-growing areas, renewable energy revenue could be poised for further growth as the Biden administration prioritizes clean energy initiatives. Investors may also have watched for GE's key metric of revenue generated by the company's renewable energy business, includes the company's wind, hydro, solar, and other renewable energy offerings. I want this to be a document you can use as a reference for how we plan to run Renewable energy revenue matched analyst expectations, climbing by about 2% year over year. Nonetheless, the company's stock has surged in the past year, providing one-year trailing total returns of 117.8% as compared with 47.6% for the S&P 500. Former CEO Jack Welch built GE Capital into one of Wall Street’s biggest banks, offering everything from credit cards to commercial real estate loans to pet insurance. GE’s Power division reported a 13% drop in year-over-revenue, to $4.025 billion, down from $4.617 billion in the first quarter of 2019. Despite its storied history as an industrial icon founded by Thomas Edison, General Electric Co. by a decade ago had morphed into a massive financial-services company bigger than all but a handful of U.S. banks. GE's revenue for Q1 FY 2021 was $17.1 billion, versus analyst predictions of $17.5 billion. Source: Predictions based on analysts' consensus from Visible Alpha. The company reported a $2.9 billion loss, compared with profits of $6.2 billion in the year-ago period, when GE booked a large gain from a divestiture. Accessed April 27, 2021. On an adjusted per-share basis, the company earned 5 cents. Profit in aviation fell 39% to $1 billion, while the power unit lost $129 million, GE said. Renewable energy revenue could also be poised for future growth as the Biden administration has signaled an interest in clean energy initiatives. After legendary CEO Jack Welch grew GE into a banking titan with a peak market value of $594 billion in 2000, from less than $15 billion when he started in … Growth in GE's renewable energy unit is crucial for overall revenue performance, especially as GE's aviation unit, which has been heavily affected by the ongoing COVID-19 pandemic, continued to struggle in Q1 FY 2021, reporting a 28% YOY decline in revenues. Culp’s GE turnaround is still a work in progress, and its industrial units face a host of challenges. GE Aviation, the company’s biggest industrial business at $22 billion in revenue last year—and historically its most profitable division—has been gutted by the pandemic, with airlines parking jets and cutting flights. GE said it planned to cut costs by US$2 billion and take other, steps to save US$3 billion in cash in response to the pandemic, such as reducing capital spending or adjusting working capital. "GE 2021 first quarter performance," Page 9. Profit in aviation fell 39% to $1 billion, while the power unit lost $129 million, GE said. Taken together, the sweeping moves will reorient GE around its manufacturing operations, primarily making and servicing gas-fired power-plant equipment, medical scanners, wind turbines, and jet engines. Accessed April 27, 2021. You can learn more about the standards we follow in producing accurate, unbiased content in our. General Electric Chief Digital Officer Bill Ruh sees the company's digital business, including software and its open source Predix operating system, generating about $7 billion in revenue … GE’s revenue fell 12% to $17.1 billion, reflecting a 28% decline in its aviation unit and a 9% drop in its healthcare unit after selling off part of the business. The renewable energy division has been a focal point of GE’s turnaround, benefiting from wind becoming a bigger part of the global power-generation sector and surpassing Denmark’s Vestas Wind Systems A/S as the world’s top turbine producer in 2020, according to BloombergNEF. “We end up being all about our core four industrial businesses. Accessed April 27, 2021.