GE releases the 2022 Annual Report

It is shown from the corporate’s 2022 Annual Report that GE Aerospace led the way with order and revenue growth above 20% for the year. Meanwhile, GE Power delivered double-digit order growth organically, achieving high-single-digit margins. With higher-margins and more resilient services, collectively both companies bring approximately 60% of revenue across the GE portfolio.

GE Aerospace thrives on with decarbonization goals

In 2022, nearly 3 billion people flew under the wing of GE Aerospace technology. The company has nearly 41,000 commercial engines at work in more than 70% of global airlines, and a diverse portfolio of more than 26,000 military engines.

As the commercial market recovery rapidly continues and total departures are expected to return to the 2019, pre-pandemic levels by late 2023. GE Aerospace is uniquely positioned in the market as customers expand and their fleets are upgraded. Today, the company has new engines in each market segment that offer double-digit fuel burn reduction, lowering one of the greatest variable costs for customers.

On the military side, national defense budgets are growing. In the US alone, the Department of Defense increased its fiscal 2023 budget by 4%. GE Aerospace is focused on winning core platforms.

In self-estimation, GE Aerospace has a bright future and, as the company aims to define flight for the next generation. GE is paying greater attention upon its mission to create a smarter and more efficient future of flight. The company is continuing its efforts to support the use of sustainable aviation fuel, which is vital for the industry to meet its decarbonization goals.

GE Vernova develops more solutions for green energy

GE’s portfolio of energy businesses, now called GE Vernova, is helping the energy sector solve issues in sustainability, reliability and affordability across the globe. With 54,000 wind turbines and 7,000 gas turbines, the company helps generate 30% of the world’s electricity and is playing a meaningful role in global energy transition.

GE Vernova sits at the center of a dynamic and growing market. The external catalysts include US climate legislation and constraints in the European energy market, with increasing investment in new decarbonization technologies, an area where GE Vernova is uniquely positioned to lead. These urgent catalysts are also improving the long-term economic profile of the underlying businesses across the company.

In terms of Renewable Energy, onshore wind is an $8 billion annual revenue business where GE has added over 40 gigawatts to the grid. Meanwhile, offshore wind is transitioning to approximately $500 million in annual revenue and growing. Grid is a $3 billion annual revenue business, where market demand in automation and hardware remains strong.

Alongside global expansion, GE is continuing to boost its operation in Vietnam to support the country’s commitment to achieving net zero carbon emissions by 2050. Recently, GE has secured the first H-Class gas turbine order in Vietnam, providing power generation equipment for PetroVietnam Power Corporation’s Nhon Trach 3 & 4 Power Plant. This is also the first power plant fueled by LNG in the country, and is expected to deliver over 1.6GW of electricity once operational in 2025.

GE HealthCare entering era of independence

GE HealthCare was successfully launched as an independent company in 2023. In terms of the big picture, GE HealthCare operates in an attractive, growing market, fueled by global trends, including aging populations, chronic disease and the rise of the middle class in developing markets.

The healthcare industry is also facing challenges in improving productivity, harnessing patient data more effectively and extending care out of the hospital to alternative care sites. There is no medical technology company better suited to address these challenges.

Despite being a new company, GE HealthCare is serving 1 billion patients across 2 billion procedures a year – and profound global reach, with notably almost 60% of annual sales outside the US.

It has also made more than 4 million equipment installations and upgrades to help the businesses create value. Also, this helped them stay close to customers. By strategically investing $1 billion in research and development annually, GE HealthCare remains at the absolute forefront of innovation

The 2022 Annual Report reveals that GE effectively distributed a $30 billion dividend in the form of GE HealthCare shares, while retaining a roughly 19.9% stake in the company. Shareholders in the new GE HealthCare are already seeing value unlocked as the independent company embarks on its important mission to create a world where healthcare has no limits.