General Electric Co. (GE) is a global industrial company that provides power generation, renewable energy and industrial aerospace products. GE serves customers in nearly 170 countries and has manufacturing and service operations worldwide.

GE operates in industries that require constant investment in research and development. Major competitors include Honeywell International Inc. (HUNT), 3M Co. (MMM), the German company Siemens AG (SIEGE) and in France with the headquarters of Schneider Electric SE (SBGSF).

Key things

  • GE operates in the aerospace, energy and renewable energy industries.
  • Aviation currently generates the most profit and revenue for GE.
  • GE is refocusing on its aerospace arm. Its renewable energy and electricity business will be spun off in the near future.
  • In January 2023, GE spun off its healthcare business, which now operates separately as GE Healthcare.
  • GE expects the sale of its nuclear steam plant to √Člectricit√© de France SA (EDF) to be completed in the second half of 2023.

GE Finance

GE refocused its aerospace operations and implemented a plan to split its businesses into three separate and independent public companies. In 2023, the company completed the spin-off of its healthcare business, so it currently makes money from manufacturing and operating parts for commercial and military aviation, gas turbines, and renewable energy solutions.

The company reported net income attributable to its common shareholders of $7.36 billion, a significant increase from a worsening loss of $1.2 billion in the prior year. Total profit from all segments was $987 million.

GE’s total revenue was $14.5 billion in the first quarter, up 7.6% year over year. Excluding the corporate segment, the company’s total profit rose 13.9% year over year to $13.6 billion.

In its earnings press release, the company highlighted its solid profit margin, earnings per share (EPS)and free cash flow performance in fiscal 2023.

GE business segments

GE operates in three industry segments: Aerospace, Renewable Energy and Power. It also has another segment it calls Corporate, which it uses to account for revenues and profits not included in the other three segments.


The Aerospace segment designs and manufactures commercial and military aircraft engines, integrated engine components, electrical power and aircraft mechanical systems. It also provides aftermarket services to support its products.

Aerospace segment profit rose nearly 46% year-over-year to $1.3 billion in the 4th quarter of fiscal 2023. It accounted for about 51% of total profit (including profit from the corporate segment). Quarterly revenue rose 24.6% year-over-year to nearly $7 billion.

Following the separation of its non-aeronautical businesses, GE will be known as GE Aerospace. The other businesses will be publicly traded, independent businesses.

Renewable energy

The Renewable Energy segment offers products, services and integrated solutions for renewable energy production. It provides onshore and offshore wind, blades, hydro, storage, grid solutions and hybrid renewables.

The renewable energy segment’s revenue loss narrowed to -$414 million in Q1 FY23 from -$434 million YOY. Revenue in that segment fell slightly to $2.83 billion from $2.87 a year earlier, accounting for about 21% of the company’s total revenue.

Power supply

The Power segment provides products and services related to power generation. Its products and technologies use oil, gas, fossil, diesel and nuclear energy to generate electricity. This GE segment offers gas and steam turbines, complete balance equipment, upgrade and service solutions, and data-driven software.

Power segment profit rose to $75 million in Q1 FY23. It accounted for 7% of total profits. Sales rose to $3.8 billion. It accounted for about 28% of GE’s total revenue.

Renewable Energy and Energy will become part of GE Vernova once the spinoff is completed.


The corporate segment includes the results for the discontinued GE businesses, certain amounts not included in the operating segment results and certain costs of the company’s main pension plans, high-cost restructuring programs and other costs. The segment includes the results of the GE Digital business and the remaining GE Capital businesses.

Corporate segment profit rose 284.5% year-over-year to $5.5 billion in the fourth quarter of fiscal 2021, due to accounting for gains from discontinued operations. It accounted for about 19% of the segment’s total profits during the quarter. The segment’s revenue grew 21% year-over-year to $848 million, representing about 6% of the company’s total revenue.

The latest developments from GE

In January 2023, GE completed the planned spin-off of its healthcare company, now GE Healthcare. Its other spin-off is the renewable energy and energy businesses (soon to be merged under the name GE Vernova), which is expected to be completed in the near future.

GE also expects the sale of its Steam Power nuclear power plant activities to EDF, a French electricity company, to be completed in the second half of 2023. The transaction includes Steam Power’s conventional island facility for new nuclear power plants, maintenance and upgrades of existing nuclear plants and technology steam turbines for future nuclear power plants. GE would retain Steam Power focused on providing nuclear turbine services. The deal is another example of GE’s efforts to divest parts of its business outside of its core aerospace focus.

What products does GE make?

GE Aerospace manufactures electrical and electronic equipment for aerospace. GE Energy and Power manufactures and operates renewable energy solutions.

Why did GE fail?

After its CEO John Welch left, it became clear that GE was operating inefficiently. General Electric suffered a significant increase in its stock price during the 2008 financial crisis and the company struggled financially with the COVID-19 pandemic. Continues to sell off and work on restoration.

What is General Electric’s new name?

Once all sales are completed, GE will become GE Aerospace. Its remaining segment, renewable energy and energy, will be spun off into GE Vernova.

Bottom Line

General Electric has been a cornerstone of the American economy for more than 125 years. After suffering significant financial difficulties in the first two decades of the 21st century, it is still working to regain its footing. It restructured and rebranded itself as an airline, giving up other efforts to focus on its most profitable segment.

GE was profitable in the first quarter of 2023 and expects to maintain its profitability going forward with the momentum it is said to have created with its new strategy.

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