GE Aerospace launches as independent, public company following spin-off of GE Vernova

This morning, GE Aerospace launched as an independent, public company following the completion of the GE Vernova spin-off. As of today, GE Aerospace will trade on the NYSE under the ticker symbol “GE” and GE Vernova will trade on the NYSE under the ticker symbol “GEV.” To mark this historic moment, both companies will ring the opening bell together this morning at 9:30 a.m. ET. We invite you to join us live via the link here.

As previously disclosed, holders of GE common stock were entitled to receive one share of GE Vernova common stock for every four shares of GE common stock. If you are a GE common stock shareholder, you can read more information about this distribution here.

GE Aerospace Chairman and CEO H. Lawrence Culp Jr., said, “With the successful launch of GE Aerospace and GE Vernova as independent, public companies now complete – today marks the historic final step in the multi-year transformation of GE. I am tremendously proud of our teams, their resilience and dedication to achieving this defining moment.”

Culp continued, “Building on a century of learning and carrying forth GE’s legacy of innovation, GE Aerospace moves forward with a stronger balance sheet and greater focus to invent the future of flight, lift people up, and bring them home safely. With FLIGHT DECK, our lean operating model, as our foundation for connecting strategy to results, I am confident we will realize our full potential in service of our customers, employees, and shareholders.”

With an installed base of approximately 44,000 commercial engines and approximately 26,000 military and defense engines around the world, GE Aerospace launches as an established global leader in propulsion, services, and systems. The company generated approximately $32 billion of revenue in 2023, with 70% generated by services.

At the company’s Investor Day in March, GE Aerospace reaffirmed its 2024 guidance and presented a longer-term financial outlook, including achieving ~$10B of operating profit* in 2028. Additionally, GE Aerospace shared a capital allocation framework to invest in growth and innovation, while also returning approximately 70-75% of available funds to shareholders.

We hope you will join us for GE Aerospace’s 1Q24 earnings call on April 23, 2024, where we will discuss our results and share how we are carrying this momentum forward.

Thank you for your support over these past five years, and we look forward to continuing our discussions in this exciting next chapter as GE Aerospace.

Steve and team

Please note that going forward this newsletter will be focused on GE Aerospace. To unsubscribe, please click here and to subscribe to GE Vernova’s newsletter, please click here.

*Non-GAAP Financial Measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our annual report on Form 10-K and our fourth quarter and full year earnings release.

This document contains “forward-looking statements.” For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see here.