Summary by Moomoo AI
GE Aerospace completed the separation of GE Vernova on April 2, 2024, distributing one share of GE Vernova stock for every four GE shares held on March 19. GE Vernova began trading on NYSE under "GEV" symbol. Post-separation, GE Aerospace operates through two segments: Commercial Engines and Services, and Defense and Propulsion Technologies.The company provided preliminary unaudited Q1 2024 financial information reflecting the reclassification of GE Vernova as discontinued operations. Key metrics show total revenues of $9.0 billion, with earnings from continuing operations at $1.7 billion. The adjusted earnings (non-GAAP) were $1.0 billion or $0.93 per share, while free cash flow reached $1.7 billion.The separation involved significant financial adjustments, including the transfer of pension plans, tax equity investments, and compensation obligations. GE Aerospace's consolidated financial position shows total assets of $174.5 billion and total liabilities of $143.4 billion as of March 31, 2024, with $15.0 billion in cash and cash equivalents post-separation.
