Core Viewpoint - GE Aerospace is positioned as a compelling turnaround story for 2025, focusing on its core strength in building airplane engines and servicing the aerospace industry, with expectations of hitting new highs soon [1]. Financial Performance - GE Aerospace reported $9 billion in revenue for Q1, achieving 11% top-line growth, leading its industry despite a slight miss compared to consensus estimates [4]. - The company widened its profit and operating profit margins, with the operating margin increasing by 460 basis points, resulting in adjusted earnings of $1.49, which is nearly 25% higher than analysts' forecasts and a 60% increase year-over-year [7]. - The company reaffirmed its guidance for low double-digit revenue growth and approximately $5.27 in adjusted EPS, with long-term forecasts projecting revenue growth in the low teens and earnings growth in the high teens through the end of the decade [8]. Market Sentiment and Analyst Ratings - Analysts have shifted sentiment to a Buy rating from Hold, with a rising price target forecasting a 15% upside from critical support levels [2]. - The current stock price is $193.71, with a 12-month price forecast of $216.15, indicating an 11.59% upside based on 12 analyst ratings [9]. Capital Return and Shareholder Value - GE Aerospace's capital return is expected to grow in 2025, including dividends and share repurchases, with a dividend yield of 0.74% and a payout ratio of about 25% of the 2025 EPS outlook [9]. - The company reduced its share count by 1.9% year-over-year in Q1, indicating a commitment to returning value to shareholders [9]. Institutional Activity - Institutional ownership stands at 75%, with net activity reaching a multi-year high in Q1, showing a balanced buying and selling trend, but shifting in favor of bulls in Q2 [10].

【文/观察者网 刘程辉】特朗普关税政策持续扰乱全球贸易格局，给航空业带来巨大不确定性。 美国老牌工业巨头通用电气（GE）首席执行官拉里·卡尔普4月22日警告说，关税战将给供应链带来风 险，显著拉高航空业运营成本，还会影响通用向中国交付备用发动机和零部件。卡尔普透露，他已呼吁 特朗普政府恢复航空业长期享有的免税待遇，以减缓关税造成的冲击。 另据路透社22日报道，卡尔普当天接受该媒体采访时表示，他在与特朗普会面时，主张根据《民用航空 器贸易协议》为航空业重新建立免税制度。 他说，特朗普政府对通用的立场表示"理解"。"我认为这对国家有益，而且还会继续有益。" 卡尔普提到的《民用航空器贸易协议》于1979年达成，作为主要推动者的美国希望借此巩固自身航空制 造业出口优势，同时降低供应链成本。协议的核心目标之一，是取消民用航空器（包括整机、发动机、 零部件）及其维修服务的进口关税，消除非关税壁垒（如技术标准歧视），促进全球航空产业链自由 化。 报道指出，特朗普的贸易战给航空业带来了新冠疫情以来最大的不确定性，打破了该行业数十年来享有 的免税地位，飞机交付面临不确定性。这种不确定性令通用的一些客户难以准确预测公司业务状况。 ...

Core Insights - GE Aerospace reported strong first-quarter 2025 results, with revenues and earnings exceeding expectations [1][2] - The company emerged as a separate public entity in April 2024 after spinning off GE Vernova Inc. [1] Financial Performance - Adjusted earnings were $1.49 per share, surpassing the Zacks Consensus Estimate of $1.26, reflecting a 60% year-over-year increase [2] - Total revenues reached $9.9 billion, an 11% year-over-year increase, with total orders growing 12% to $12.3 billion [2] - Adjusted revenues were $9 billion, beating the consensus estimate of $8.97 billion, marking an 11% year-over-year rise [3] Segment Analysis - Revenues from the Commercial Engines & Services segment increased by 14.5% year over year to $6.98 billion, driven by higher shop visit work and increased spare parts [3] - The Defense & Propulsion Technologies segment reported revenues of $2.32 billion, up 1% year over year, with total orders remaining flat at $3 billion [4] Cost and Profitability - Cost of sales grew 4.3% year over year to $6 billion, while selling, general, and administrative expenses decreased by 14.6% to $876 million [5] - Adjusted operating profit was $2.1 billion, a 38.4% increase year over year, with a margin of 23.8%, up 460 basis points [5] Balance Sheet and Cash Flow - At the end of Q1 2025, cash and cash equivalents totaled $12.4 billion, down from $13.6 billion at the end of December 2024 [6] - Adjusted free cash flow was $1.4 billion, compared to $1.7 billion in the same period last year [6] Shareholder Returns - The company paid $302 million in dividends and repurchased shares worth approximately $1.97 billion during the quarter [7] Future Outlook - For 2025, GE expects adjusted revenues to grow in the low-double-digit range, with operating profit estimated between $7.8 billion and $8.2 billion [8] - The Commercial Engines & Services segment is projected to see mid-teen revenue growth, while the Defense & Propulsion Technologies segment is expected to grow in the mid to high-single-digit range [9]

Core Viewpoint - GE Aerospace exceeded earnings expectations in Q1 2025, driven by strong commercial orders and services, despite ongoing supply chain challenges [1][2]. Financial Performance - Adjusted earnings per share (Non-GAAP) for Q1 2025 were $1.49, surpassing analyst expectations of $1.27, marking a 60% increase year-over-year from $0.93 [3][6]. - Revenue (GAAP) reached $9.9 billion, an 11% increase from $9.0 billion in Q1 2024 [3][6]. - Operating profit margin (Non-GAAP) improved to 23.8%, up 460 basis points from 19.2% in the previous year [3]. - Free cash flow (Non-GAAP) decreased by 14% to $1.44 billion compared to $1.67 billion in Q1 2024 [3][9]. Business Overview - GE Aerospace is a key player in the aerospace industry, focusing on jet engine design and manufacturing for both commercial and military aircraft [4]. - The company emphasizes enhancing product offerings, operational capabilities, and expanding order backlogs to strengthen its market position [4]. Segment Performance - In the Commercial Engines & Services (CES) segment, orders increased by 15% and revenue grew by 14% in Q1 2025, driven by a 17% rise in services and over 20% growth in spare parts revenue [7]. - The Defense & Propulsion Technologies (DPT) segment experienced a modest 1% revenue increase, with a significant contract with the U.S. Air Force valued at up to $5 billion for F110-GE-129 engines [8]. Future Outlook - GE Aerospace has a positive outlook for 2025, with commercial and defense service backlogs exceeding $140 billion [10]. - The company anticipates mid-teens revenue growth rates within CES and projects full-year operating profit (Non-GAAP) between $7.8 billion and $8.2 billion, with adjusted EPS expected to be between $5.10 and $5.45 [11].

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

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通用电气(GE.N)：削减成本以维持业绩指引。 ...

Financial Performance - Total revenue for the three months ended March 31, 2025, increased by $1.0 billion, or 11%, to $9.935 billion compared to $8.955 billion in the same period of 2024[16]. - Net income from continuing operations attributable to common shareholders for Q1 2025 was $1.967 billion, an increase of $0.226 billion from $1.741 billion in Q1 2024, with continuing EPS rising to $1.83 from $1.58[18]. - Operating profit for Q1 2025 was $2.1 billion, an increase of $0.6 billion, with an operating profit margin of 23.8%, up 460 basis points from the previous year[18]. - Adjusted net income for Q1 2025 was $1.6 billion, reflecting a $0.6 billion increase due to higher segment profit and reduced operating costs[18]. - Total segment revenue increased by $0.9 billion, or 14%, to $6.977 billion compared to $6.095 billion in the same period of 2024[26]. - Segment profit for the same period rose by $0.5 billion, or 35%, reaching $1.920 billion, up from $1.419 billion in 2024[26]. - Net income for the three months ended March 31, 2025, was $1,972 million, compared to $1,565 million in the same period of 2024, representing a 26% increase[86]. - Adjusted revenue for the three months ended March 31, 2025, was $9.001 billion, an increase of 11.4% from $8.076 billion in 2024[71]. - EPS from continuing operations increased to $1.83 in Q1 2025 from $1.58 in Q1 2024, representing a growth of 15.8%[146]. Revenue and Orders - The backlog of orders (RPO) as of March 31, 2025, increased by $1.0 billion, or 1%, to $172.599 billion from $171.635 billion at the end of 2024[19]. - Services revenue for Q1 2025 rose to $6.347 billion, up from $5.655 billion in Q1 2024, driven by increased spare parts volume and internal shop visit volume[16]. - Significant new deals were announced with major customers, including ANA HOLDINGS ordering over 75 LEAP engines and additional GEnx engines for their Boeing 787s[21]. - Total segment revenue for the three months ended March 31, 2025, was $9,301 million, an increase from $8,408 million in the same period of 2024, representing a growth of 10.6%[183]. - The aggregate amount of contracted revenue allocated to unsatisfied performance obligations as of March 31, 2025, was $172,599 million, with $149,293 million related to services and $23,306 million related to equipment[184]. Cash Flow and Investments - Cash from operating activities was $1.5 billion for the three months ended March 31, 2025, a decrease of $0.1 billion compared to 2024[59]. - Cash used for investing activities was $(0.3) billion for the three months ended March 31, 2025, a decrease of $0.8 billion compared to 2024[60]. - Cash used for financing activities was $(2.3) billion for the three months ended March 31, 2025, an increase of $2.2 billion compared to 2024[61]. - The company repurchased 9.5 million shares for $1.9 billion in the first quarter of 2025, as part of a $15 billion stock repurchase program[51]. - Cash, cash equivalents, and restricted cash totaled $12.4 billion as of March 31, 2025, with $4.3 billion held in the U.S. and $8.1 billion held outside the U.S.[48]. Tax and Financial Ratings - The effective income tax rate for the three months ended March 31, 2025, was 12.6%, compared to 12.3% for the same period in 2024[43]. - Moody's upgraded the company's long-term rating from Baa1 to A3, while S&P upgraded it from BBB+ to A- with a stable outlook[53]. - The adjusted effective income tax rate for Q1 2025 was 17.6%, down from 20.7% in Q1 2024[74]. Research and Development - Research and development expenses increased to $359 million in Q1 2025 from $270 million in Q1 2024, a rise of 33%[83]. - Research and development expenses for the Commercial Engines & Services segment increased to $288 million in Q1 2025 from $201 million in Q1 2024, marking a rise of 43.3%[183]. - Engineering investments increased compared to the prior year, focusing on expanding production capacity and developing technologies for a more efficient future of flight[22]. Liabilities and Assets - Consolidated total borrowings increased by $0.3 billion to $19.6 billion as of March 31, 2025, primarily due to foreign exchange movement[52]. - Total assets as of March 31, 2025, were $124,123 million, a slight increase from $123,140 million at the end of 2024[84]. - Current liabilities increased to $34,941 million in Q1 2025 from $34,392 million in Q1 2024, an increase of 1.6%[84]. - The company reported a net cash outflow from financing activities of $2,284 million in Q1 2025, compared to an outflow of $204 million in Q1 2024[85]. Environmental and Legal Matters - Total reserves related to environmental remediation and worker exposure claims were $2,021 million as of March 31, 2025, slightly up from $2,003 million at December 31, 2024[180]. - The total losses for borrower litigation at Bank BPH were estimated at $2,449 million as of March 31, 2025[96]. - The estimated total losses for borrower litigation at Bank BPH was $2,449 million as of March 31, 2025, slightly down from $2,461 million at December 31, 2024[179]. Other Financial Metrics - Free cash flow (FCF) for Q1 2025 was $1,441 million, down from $1,669 million in Q1 2024, a decrease of 14%[78]. - Total other income decreased to $302 million in Q1 2025 from $1,007 million in Q1 2024, a decline of 70%[150]. - Comprehensive income attributable to the company for Q1 2025 was $2,107 million, compared to $2,086 million in Q1 2024[86].

Financial Performance - Total orders reached $12.3 billion, an increase of 12% year-over-year[4] - Total revenue (GAAP) was $9.9 billion, up 11% from the previous year; adjusted revenue was $9.0 billion, also up 11%[4] - Profit (GAAP) amounted to $2.2 billion, reflecting a 13% increase; operating profit was $2.1 billion, up 38%[4] - Adjusted EPS was $1.49, a significant increase of 60% compared to the previous year[4] - Adjusted net income for Q1 2025 was $1,601 million, with an EPS of $1.49, compared to $1,026 million and an EPS of $0.93 in Q1 2024, representing a 56% increase in adjusted net income[22] - The company reported a net income from continuing operations of $1,967 million for Q1 2025, compared to $1,741 million in Q1 2024, reflecting a 13% year-over-year increase[22] - The adjusted EPS for Q1 2025 was $1.49, reflecting a significant improvement compared to $0.93 in Q1 2024[22] Cash Flow and Investments - Cash from Operating Activities (GAAP) was $1.5 billion, down 5%; free cash flow was $1.4 billion, down 14%[4] - Free cash flow (FCF) for Q1 2025 was $1,441 million, down 14% from $1,669 million in Q1 2024, primarily due to increased separation cash expenditures[25] - Cash flows from operating activities (CFOA) for Q1 2025 were $1,543 million, a decrease of 5% from $1,629 million in Q1 2024[25] - The company emphasizes the importance of free cash flow as a performance metric for its annual executive incentive plan and performance stock units granted in 2025[25] - The company plans to invest nearly $1 billion in U.S. manufacturing and technology, aiming to hire approximately 5,000 workers[5] Revenue Projections - Commercial Engines & Services (CES) revenue is expected to grow in the mid-teens, with operating profit projected at $7.6-$7.9 billion[10] - Defense & Propulsion Technologies (DPT) revenue is anticipated to grow in the mid- to high-single-digit range, with operating profit expected to be between $1.1 billion and $1.3 billion[10] - The full-year 2025 guidance includes adjusted EPS of $5.10 to $5.45 and free cash flow of $6.3 billion to $6.8 billion[8] Contracts and Market Presence - The company has secured a contract from the U.S. Air Force valued up to $5 billion for F110-GE-129 engines[5] - The company has a global installed base of approximately 45,000 commercial and 25,000 military aircraft engines, highlighting its market presence[37] Uncertainties and Costs - The company anticipates significant uncertainty in providing guidance for 2025 operating profit and adjusted EPS due to potential gains or losses from acquisitions and restructuring expenses[26][27] - The company incurred separation costs of $51 million in Q1 2025, down from $259 million in Q1 2024, indicating a reduction in restructuring-related expenditures[22] - The tax effect on insurance net income for Q1 2025 was $24 million, compared to a tax loss of $43 million in Q1 2024, indicating improved tax efficiency[22]

智通财经4月22日电，GE航空航天第一季度调整后每股收益为1.49美元，预期为1.27美元。 ...