GE Aerospace, formerly General Electric Company, released its preliminary unaudited supplemental consolidated financial information for the first quarter of 2024. The reclassification of the GE Vernova business to discontinued operations and the separation of GE Vernova have led to significant changes in the company's financial position.
As of March 31, 2024, the company reported a total asset value of $174.5 billion, reflecting a decrease of $10.6 billion due to the separation and reclassification of certain assets and liabilities related to GE Vernova.
In terms of cash, cash equivalents, and restricted cash, the company reported $15.0 billion after accounting adjustments, representing a decrease of $3.4 billion from the reported amount. Additionally, the company's current receivables decreased by $7.6 billion to $8.2 billion, and inventories, including deferred inventory costs, decreased by $8.8 billion to $8.8 billion.
The financial changes also impacted the company's liabilities, which decreased to $143.4 billion, reflecting a decrease of $10.5 billion as a result of the separation and reclassification of liabilities associated with GE Vernova.
In the earnings segment, the company reported net earnings of $1.6 billion, with a diluted earnings per share of $1.58. This figure includes adjustments related to insurance earnings, non-operating benefit cost, gains on retained and sold ownership interests, restructuring, separation costs, and other factors.
Furthermore, the company's segment revenues for Commercial Engines and Services and Defense and Propulsion Technologies have been impacted by the separation and reclassification, resulting in changes in reported equipment and services revenues for the first quarter of 2024.
Following these announcements, the company's shares moved -0.3%, and are now trading at a price of $164.58. For the full picture, make sure to review General Electric's 8-K report.
