Q2 2024 General Electric Co Earnings Call Transcript
Key Points
- GE Aerospace (GE) delivered double-digit growth across orders, operating profit, and free cash flow in Q2 2024.
- The company secured significant commitments from major airlines, including Turkish Airlines, National Airlines, Japan Airlines, and British Airways.
- The LEAP-powered Airbus A321XLR was certified by the European Union Aviation Safety Agency, marking a milestone for the narrow-body engine.
- GE Aerospace (GE) announced a $1 billion investment in MRO facilities to increase capacity and reduce turnaround times.
- The company raised its full-year profit and cash guidance, reflecting strong performance and confidence in future growth.
- New engine output was down 20% sequentially, impacting revenue.
- Supply chain constraints remain a significant challenge, with 80% of material input shortages tied to 9 suppliers across 15 sites.
- Despite improvements, some supplier sites are still constraining output, affecting the company's ability to meet demand.
- Lower engine deliveries led to an 11% decline in equipment revenue for the CES segment.
- The company had to adjust its full-year LEAP output expectations to flat to up 5%, lower than initially projected.
Good day, ladies and gentlemen, and welcome to the GE Aerospace second quarter 2024 earnings conference call. (Operator Instructions) My name is Liz and I will be your conference coordinator today. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the program over to your host for today's conference, Blair Shore from the GE Aerospace Investor Relations team. Please proceed.
Thanks, Liz. Welcome to GE Aerospace's second quarter 2024 earnings call. I'm joined by Chairman and CEO, Larry Culp; and CFO, Rahul Ghai. Many of the statements we're making are forward-looking and based on our best view of the world and our businesses as we see them today. As described in our SEC filings, and website, those elements may change as the world changes. Now over to Larry.
Blaire, thanks. And hello, everyone, from
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
