Page 1

EX - 99 2 gelq2021 ex99.htm EX - 99 40 • • • • GE ANNOUNCES FIRST QUARTER 2021 RESULTS Positioned to deliver on 2021 commitments and long - term profitable growth Total orders $ 17.0B , ( 13 ) % ; organic orders ( 8 ) % Total revenues ( GAAP ) $ 17.1B , ( 12 ) % ; Industrial organic revenues * $ 16.0B , ( 10 ) % Industrial profit margin ( GAAP ) of 2.3 % , ( 3,260 ) bps ; adjusted Industrial profit margin * 5.1 % , ( 40 ) bps , +110 bps organically Continuing EPS ( GAAP ) of $ 0.00 , $ ( 0.70 ) ; adjusted EPS * $ 0.03 , + $ 0.01 GE Industrial CFOA ( GAAP ) $ ( 0.5 ) B , + $ 1.2B ; GE Industrial free cash flow * $ ( 0.8 ) B , + $ 1.7B , excluding BioPharma _ BOSTON — April 27 , 2021 — GE ( NYSE : GE ) announced results today for the first quarter ending March 31 , 2021 . GE Chairman and CEO H. Lawrence Culp , Jr. said , “ I am proud of the GE team's solid first quarter results , despite a still difficult environment for Aviation . We are improving our cash performance and profitability with Industrial free cash flow growth of $ 1.7 billion year - over - year , excluding BioPharma , and organic margin expansion across all segments , except Aviation . This continued progress sets us up well to deliver on our 2021 commitments . " Culp added , " Our recent GECAS transaction serves as an important catalyst in our transformation to a more focused , simpler , and stronger industrial company . At the same time , our businesses are building momentum by accelerating our lean and decentralization efforts . We are shifting more toward offense and capturing opportunities in the energy transition , precision health , and future of flight . I am confident we are well positioned to drive profitable growth , achieving high single digit free cash flow margins over time and creating long - term value for shareholders . " GE continues to build momentum on a stronger foundation : • Simplifying and strengthening GE : The recently announced GECAS and AerCap transaction focuses GE on its industrial core and provides cash and a meaningful equity stake for further upside and flexibility as the aviation industry recovers . GE expects to use the proceeds from the transaction to further reduce debt for a total reduction of more than $ 70 billion since the end of 2018 . Accelerating lean & decentralization : GE's lean transformation is scaling company - wide , driving sustainable performance , including improved safety , quality , delivery , and cost , as well as high - quality revenue and cultural change . Coupled with significant decentralization efforts , GE is enabling improvement at deeper levels of the organization across nearly 30 P & Ls to drive greater accountability and move action closer to customers . Investing in technology and serving customers : Driving organic growth efforts through new product introductions and services capabilities . Recent wins across our portfolio include : ° Energy transition : Secured largest combined Onshore Wind project in Renewable Energy's history , consisting of more than 530 turbines for the 1.5GW North Central Wind Energy Facilities in Oklahoma . Began first commercial operation of Gas Power's 9HA.02 gas turbine , the world's largest and most efficient gas turbine , at Southern Power Generation's 1.4GW plant in Malaysia . * Non - GAAP Financial Measure