2024-04-23 12:00:10 ET
GE Electric Company (GE)
Q1 2024 Earnings Conference Call
April 23, 2024 7:30 AM ET
Company Participants
Steve Winoker – Vice President-Investor Relations
Larry Culp – Chairman and Chief Executive Officer
Rahul Ghai – Chief Financial Officer
Conference Call Participants
David Strauss – Barclays
Ron Epstein – Bank of America
Sheila Kahyaoglu – Jefferies
Myles Walton – Wolfe Research
Robert Stallard – Vertical Research
Seth Seifman – JPMorgan
Ken Herbert – RBC Capital Markets
Gautam Khanna – TD Cowen
Scott Deuschle – Deutsche Bank
Robert Spingarn – Melius Research
Noah Poponak – Goldman Sachs
Matt Akers – Wells Fargo
Jason Gursky – Citi
Presentation
Operator
Good day, ladies and gentlemen, and welcome to the GE Aerospace First Quarter 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. 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, Steve Winoker, Vice President of Investor Relations. Please proceed.
Steve Winoker
Thanks, Liz. Welcome to GE Aerospace's first 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 filing and website, those elements may change as the world changes. With the spin-off of GE Vernova successfully completed earlier this month, GE Vernova will report its results separately on April 25. While included in our consolidated first quarter results, we're focusing today's commentary and Q&A primarily on GE Aerospace.
Now over to Larry.
Larry Culp
Steve, thank you, and good morning everyone. Welcome to our first earnings call as GE Aerospace, now a pure-play global leader in propulsion, services and systems. We're wholly focused on our aerospace and defense customers, serving the 900,000 passengers in the air right now with our technology under wing. It's an incredible responsibility for our teams globally and why we take safety and quality so seriously. We'll come back to GE Aerospace in a moment. But before we do, we'll talk about GE on a consolidated basis, which is how we operated for the first few months of this year.
Just three weeks ago on April the 2nd, we completed GE Vernova spin and launched GE Aerospace, ringing the bell at the New York Stock Exchange after the successful spin of GE HealthCare last year. It was a proud moment that we celebrated with our teams around the world. This marked a new beginning, following the completion of GE's multi-year transformation that strengthened our businesses both financially and operationally. Thanks to the GE team. We significantly improved our financial position, reducing debt by more than $100 billion since 2018 and enhanced our operational execution by embracing lean with a relentless focus on safety, quality, delivery and cost, in that order, to better serve our customers. Together, we built a strong foundation for our three independent companies that to date have increased shareholder value nearly fivefold....
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GE Electric Company (GE) Q1 2024 Earnings Call Transcript