GE Aerospace (NYSE: GE) officially launched as an independent public company on April 2, 2024, following the completion of the GE Vernova spin-off. The company will trade on the New York Stock Exchange under the ticker “GE”, with GE Aerospace and GE Vernova ringing the opening bell together at the NYSE.
GE Aerospace Chairman and CEO H. Lawrence Culp Jr. said, “With the successful launch of three independent, public companies now complete – today marks a historic final step in the multi-year transformation of GE. I am tremendously proud of our team, their resilience, and their dedication to achieving this defining moment.”
As an established global leader in propulsion, services, and systems, GE Aerospace launches with an installed base of approximately 44,000 commercial engines and approximately 26,000 military and defense engines around the world. The company generated approximately $32 billion in adjusted revenue in 2023, with 70% generated by services and the strong economics of the engine aftermarket.
During its Investor Day in March, GE Aerospace reaffirmed its 2024 guidance and presented a longer-term financial outlook, including an expectation to achieve ~$10 billion of operating profit in 2028. The company also shared a capital allocation framework to invest in growth and innovation while returning approximately 70-75% of available funds to shareholders.
The launch of GE Aerospace represents the completion of GE’s multi-year financial and operational transformation, which included more than $100 billion in debt reduction since 2018 and the successful creation of three independent companies – GE HealthCare, GE Vernova, and GE Aerospace.
Holders of GE common stock were entitled to receive one share of GE Vernova common stock for every four shares of GE common stock held. The distribution was conducted in a tax-efficient manner for GE shareholders in the United States.
GE Aerospace will issue its first quarter 2024 earnings on April 23, 2024, and will host its earnings call at 7:30 a.m. ET.
