On January 23, 2025, GE Aerospace reported robust fourth-quarter and full-year 2024 financial results, exceeding its most recent guidance. For Q4 2024, orders were up 46%, revenue grew 16%, profit increased 49%, and EPS more than doubled to $1.32. Free cash flow rose 21% to $1.5 billion, with conversion above 100%.
For the full year 2024, revenue increased 10%, profit grew 30% to $7.3 billion, and EPS surged 56% to $4.60. Free cash flow was up almost 30% to $6.1 billion, with conversion over 120%. The company highlighted strong demand for both services and equipment across its Commercial Engines & Services (CES) and Defense & Propulsion Technologies (DPT) segments.
Looking ahead to 2025, GE Aerospace provided guidance for low double-digit revenue growth, operating profit in the range of $7.8 billion to $8.2 billion, and adjusted EPS of $5.10 to $5.45, representing a 15% increase at the midpoint. Free cash flow is projected to be between $6.3 billion and $6.8 billion, maintaining robust conversion above 100%.
In a move to return capital to shareholders, the company announced plans to increase share repurchases to $7 billion and raise its quarterly dividend by 30%, subject to Board approval. This reflects the strength of its balance sheet and confidence in future cash generation.
Operationally, GE Aerospace achieved significant milestones, including the certification of the LEAP-1A High-Pressure Turbine (HPT) durability kit, designed to more than double LEAP time on wing. The company also expanded LEAP aftermarket capacity by approximately 40% in 2024 and improved material input from priority suppliers to over 90% of committed targets, up from 50% in early 2024.
Additionally, GE Aerospace signed an agreement to acquire Northstar Aerospace, a leading manufacturer of mission-critical gears and shafts, which will be complementary to its Avio Aero business. This acquisition aims to provide a U.S.-based presence in this market and add new programs and capabilities for complex flight-critical parts.
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