GE Aerospace Takes Flight as Independent Public Company Post GE Vernova Spin-Off

63

GE Aerospace has officially launched as an independent public company, marking a significant milestone in the aviation industry following the completion of the GE Vernova spin-off. Trading under the ticker “GE” on the New York Stock Exchange, GE Aerospace celebrated its debut alongside GE Vernova by ringing the opening bell at the NYSE.

H. Lawrence Culp Jr., Chairman and CEO of GE Aerospace, expressed pride in the team’s accomplishments, emphasizing the culmination of a multi-year transformation for GE. He stated, “Today marks a historic final step in the multi-year transformation of GE. I am tremendously proud of our team, their resilience, and their dedication to achieving this defining moment.”

Looking ahead, Culp highlighted GE Aerospace’s commitment to innovation and safety in aviation. Leveraging FLIGHT DECK, their proprietary lean operating model, the company aims to pioneer the future of flight, ensuring the safe transportation of passengers worldwide.

With an extensive installed base of approximately 44,000 commercial engines and 26,000 military and defense engines globally, GE Aerospace emerges as a leading provider of propulsion, services, and systems. In 2023, the company reported adjusted revenue of around $32 billion, with services contributing 70% of the revenue, emphasizing the robust economics of the engine aftermarket.

During the company’s Investor Day in March, GE Aerospace reaffirmed its 2024 guidance and outlined a long-term financial outlook, targeting approximately $10 billion in operating profit by 2028. Additionally, GE Aerospace unveiled a capital allocation framework aimed at fostering growth and innovation while prioritizing shareholder returns, with plans to allocate 70-75% of available funds to shareholders.