Strong performance continues; raises 2021 adjusted EPS* outlook, narrows Industrial free cash flow* range
• Total orders $22.1B, +42%; organic orders +42%
• Total revenues (GAAP) $18.4B, (1)%; Industrial organic revenues* $17.6B, (1)%
• Industrial profit margin (GAAP) of 5.0%, +1,220 bps; adjusted Industrial profit margin* 7.5%, +270 bps
• Continuing EPS (GAAP) of $0.54, +$1.58; adjusted EPS* $0.57, +$0.19
• GE Industrial CFOA (GAAP) $1.7B, +$1.6B; GE Industrial free cash flow* $1.7B, +$1.8B, excluding discontinued factoring programs*
• Updating 2021 outlook for Industrial organic revenue* growth to approximately flat, adjusted Industrial profit margin* expansion to 350+ basis points, adjusted EPS* to $1.80–$2.10, Industrial free cash flow* to $3.75B–$4.75B
BOSTON — October 26, 2021 — GE (NYSE:GE) announced results today for the third quarter ending September 30, 2021. GE Chairman and CEO H. Lawrence Culp, Jr. said, “The GE team delivered another strong quarter. Orders grew, margins expanded, our overall cash performance was significantly better, and Aviation is building momentum and showing continued signs of recovery. The teams are managing through a challenging operating environment, including global supply chain disruptions and onshore wind market pressure due to the U.S. Production Tax Credit. Against that backdrop, we’re raising our 2021 EPS expectations and narrowing our full-year free cash flow outlook.”
Culp continued, “Closing the GECAS transaction on November 1 will mark an important milestone in GE’s transformation to a more focused, simpler, stronger high-tech industrial company. Our progress strengthening our balance sheet and operations enables us to drive long-term growth and value in our businesses. With leading positions in our markets, we are serving customers with vital equipment and services that shape the future of flight, advance precision health, and lead the energy transition. We remain on track to deliver high single-digit free cash flow margins over time.”
