Welcome to our dedicated page for GE Aerospace news (Ticker: GE), a resource for investors and traders seeking the latest updates and insights on GE Aerospace stock.
GE Aerospace, a segment of General Electric Company (NYSE: GE), is a global leader in the design, manufacture, and service of aircraft engines. Founded in 1892 and headquartered in Boston, GE has a rich history tied to American inventor Thomas Edison. While GE operates in multiple industries including power, renewable energy, digital industry, and additive manufacturing, GE Aerospace remains its core business.
With nearly 70,000 commercial and military engines installed worldwide, GE Aerospace generates significant revenue from the recurring service and maintenance of these engines. The company's partnership with Safran in their CFM joint venture further solidifies its leadership in aerospace propulsion.
Recent achievements for GE Aerospace include significant deals and technological advancements. Notably, GE Aerospace retained its portfolio of intellectual property related to aerospace and defense technologies after a definitive agreement with Dolby Laboratories to acquire GE Licensing. This acquisition, valued at $429 million and expected to close by the end of fiscal year 2024, highlights GE Aerospace's focus on its core aerospace and defense markets.
In another major development, GE Vernova's Onshore Wind business, a part of GE's power and renewable energy segment, announced a landmark deal with Pattern Energy. This deal involves the supply of 674 wind turbines for the SunZia Wind project, set to be the largest wind project in the Western Hemisphere. This project is a testament to GE's commitment to renewable energy and showcases its ability to deliver large-scale, high-efficiency projects.
Moreover, GE Aerospace continues to innovate with products like the 3.6-154 wind turbine, which incorporates advanced AI-trained blade manufacturing processes. This turbine is built to meet U.S. market needs and is part of GE's strategy to drive quality and reliability across its fleet.
Financially, GE Aerospace is robust, leveraging its longstanding expertise and extensive global network to maintain a strong market position. The company's continuous investments in technology, such as the new manufacturing assembly line for its Onshore Wind business in Schenectady, New York, reflect its commitment to enhancing American manufacturing and supporting climate change goals.
GE Aerospace's mission to define the future of flight and bring innovative solutions to the aerospace and defense sectors is backed by its substantial workforce of 52,000 employees globally. The company's operations aim to provide affordable, reliable, sustainable, and secure energy solutions, reinforcing its leadership in the industry.
GE Renewable Energy’s Grid Solutions unit has secured HVDC contracts valued at approximately 10 billion euros as part of a consortium with Sembcorp Marine and McDermott. These projects are part of TenneT's 2GW Program aimed at connecting 40 GW of offshore wind farms in the North Sea. The initiatives will enhance Europe's energy security and contribute to achieving climate neutrality by 2050. The agreements are based on a five-year framework with potential extensions, highlighting GE’s advanced Voltage-Sourced Converter technology. This marks a significant milestone in the development of renewable energy infrastructure in Europe.
GE and Svante have announced a joint development agreement to innovate solid sorbent technologies for carbon capture in natural gas power generation. This collaboration supports GE's investment in Svante's $318 million Series E fundraising round, completed in December 2022. GE’s goal is to lead the energy transition, aiming to provide sustainable and reliable electricity, leveraging its extensive experience in the energy sector. Svante's advanced filters can capture CO2 from various industrial processes and are applicable to 85% of the carbon capture market. This partnership is expected to enhance the decarbonization efforts of natural gas-fired turbines.
GE announced the addition of two new directors to its Board: Darren McDew, retired General from the U.S. Air Force, and Jessica Uhl, former CFO of Shell plc. McDew brings 36 years of military leadership experience, while Uhl has over 20 years in the energy sector. They will enhance GE’s expertise in aerospace and energy as the company prepares to launch GE Aerospace and GE Vernova as independent entities. Retiring directors Francisco D’Souza and Leslie Seidman completed 10 and 5 years, respectively. Their departure marks a significant transition as GE strengthens its financial and operational foundations.
Air India has finalized a significant order with GE Aerospace, comprising 40 GEnx-1B and 20 GE9X engines, alongside a multi-year TrueChoice™ engine services agreement. This deal aligns with Air India's purchase of 20 Boeing 787 and 10 Boeing 777X aircraft. Additionally, Air India placed a record order for over 800 LEAP engines, marking the largest LEAP order for its 210 Airbus A320/A321neo and 190 Boeing 737 MAX aircraft. GE claims these engines are more fuel-efficient and eco-friendly, supporting Air India's Vihaan.AI transformation plan aimed at expanding its fleet and modernizing operations.
The Board of Directors of GE (NYSE: GE) has declared a $0.08 per share dividend on its outstanding common stock. This dividend is payable on April 25, 2023, to shareholders who are on record as of the close of business on March 7, 2023. The ex-dividend date is set for March 6, 2023.
GE continues to leverage over 130 years of experience to enhance industrial efficiency and reliability, driven by a diverse and dedicated workforce.
GE Digital has entered a multiyear collaboration with Amazon Web Services (AWS) to accelerate grid modernization for utilities. This partnership aims to develop intelligent grid orchestration solutions, utilizing GE's GridOS software and AWS's cloud infrastructure. Notably, New Zealand's Vector Limited has successfully implemented GE's Advanced Distribution Management System on AWS Outposts, enhancing network reliability and efficiency. The initiative focuses on reducing operational costs and aiding utilities in transitioning to a clean energy grid. GE Digital serves over 20,000 customers globally and emphasizes the importance of innovative, secure software in the energy sector.
GE Grid Solutions has developed the world's largest Static Synchronous Compensator (STATCOM) for the Channel Tunnel, enhancing capacity by 60% to support up to 16 trains simultaneously. This allows Eurotunnel to operate up to 1,000 trains daily, maintaining its status as the busiest rolling motorway globally. The STATCOM technology improves voltage stability, grid resilience, and power transfer while contributing to project cost savings and reducing environmental impact. Eurostar aims to increase passenger capacity to 30 million annually by 2030, facilitated by this technological advancement.
GE HealthCare reported a strong performance for 4Q 2022, with revenues of $4.9 billion, up 8% year-over-year, and 13% organic revenue growth. Net income was $554 million compared to $564 million last year, while adjusted EBIT increased to $844 million from $827 million. The net income margin declined to 11.2% from 12.3%. Despite these challenges, the company reaffirmed 2023 guidance, anticipating organic revenue growth of 5% to 7% and adjusted EPS between $3.60 to $3.75. The CEO expressed confidence in future revenue and margin growth driven by innovation and market demand.
FARO (Nasdaq: FARO) announced on January 19, 2023, the appointment of Jawad Ahsan to its Board of Directors effective February 1, 2023. Ahsan, previously the CFO of Axon and with extensive experience at General Electric, is expected to aid FARO's strategic shift toward hardware-software solutions. The company also confirmed the retirement of long-serving board member Stephen Cole, with Alex Davern stepping in as Audit Committee Chair. This leadership transition is crucial as FARO continues to innovate in 3D measurement and analytics.
GE HealthCare reported strong revenue growth for Q4 and full-year 2022, driven by high customer demand and improved pricing. Q4 revenue reached approximately
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