BOSTON -- For the first quarter of 2024, GE Aerospace reported revenue of $16.1 billion up 11 percent from $14.5 billion in the first quarter of 2023. The consolidated results include the operations of GE Vernova, which successfully separated in a spin-off after quarter-end on April 2, 2024.
"We marked a new beginning in early April with the successful spin-off of GE Vernova and launch of GE Aerospace, completing our multi-year transformation. Our teams achieved this milestone while delivering strong results in the first quarter led by significant profit and cash growth at GE Aerospace," GE Aerospace Chairman and CEO H. Lawrence Culp, Jr. said.
"At GE Aerospace, Commercial Engines & Services and Defense & Propulsion Technologies drove double-digit revenue, profit and free cash flow growth in the quarter. Given our solid start to the year and outlook for the remainder of 2024, we are raising our full-year profit and free cash flow guidance. Moving forward as a focused global aerospace leader, we will continue to prioritize safety, quality, delivery, and cost - always in that order - while also investing in our future and driving long term profitable growth."
GE Aerospace
Orders of $11.0 billion increased 34 percent compared to 8.2 billion a year ago, with strength in both Commercial Engines & Services and Defense & Propulsion Technologies. Adjusted revenue of $8.1 billion (1Q23: $7.0 billion) grew 15 percent from pricing, spare parts volume and increasing deliveries in widebody and Defense.
Operating profit was $1.5 billion, up 24 percent from $1.2 billion in the first quarter of 2023 with both Commercial Engines & Services and Defense & Propulsion Technologies delivering double-digit profit improvement. Operating profit margin of 19.1 percent expanded 140 basis points primarily driven by pricing and services volume as well as some favorability from lower equipment output.
For Commercial Engines & Services, orders of $8.3 billion increased 34 percent primarily from equipment growth, and revenue was up 16 percent with equipment growth outpacing services. In Defense & Propulsion Technologies, orders of $3.0 billion were up 34 percent with a Defense book-to-bill of 1.1x and revenue increased 18 percent, driven by growth in deliveries, pricing and classified program