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GE ANNOUNCES SECOND QUARTER 2021 RESULTS Strong overall performance ; raises full year outlook for Industrial free cash flow * to $ 3.5 to $ 5.0 billion ● ● ( GE Total orders $ 18.3B , + 33 % ; organic orders + 30 % Total revenues ( GAAP ) $ 18.3B , + 9 % ; Industrial organic revenues * $ 16.9B , + 7 % Industrial profit margin ( GAAP ) of ( 1.3 ) % , +440 bps ; adjusted Industrial profit margin * 5.3 % , +940 bps , +1,000 bps organically * Continuing EPS ( GAAP ) of $ ( 0.07 ) , + $ 0.08 ; adjusted EPS * $ 0.05 , + $ 0.19 GE Industrial CFOA ( GAAP ) $ ( 2.0 ) B , $ ( 0.4 ) B ; GE Industrial free cash flow * $ 0.4B , + $ 2.0B , excluding discontinued factoring programs * Increasing 2021 outlook for Industrial free cash flow * range from $ 2.5B- $ 4.5B to $ 3.5B- $ 5.0B . Outlook for Industrial organic revenues * , margin expansion * , and adjusted EPS * remains unchanged . BOSTON - July 27 , 2021 – GE ( NYSE : GE ) announced results today for the second quarter ending June 30 , 2021 . GE Chairman and CEO H. Lawrence Culp , Jr. said , " The GE team delivered strong overall performance in the second quarter . Orders and revenue returned to growth , our operating margins expanded across all segments , and we generated positive Industrial free cash flow . Momentum is building across our businesses , driven by Healthcare and services overall , with Aviation showing early signs of recovery . Based on our encouraging cash results , we are increasing our full - year free cash flow outlook . " Culp continued , " GE is transforming to a more focused , simpler , and stronger high - tech industrial company . Our businesses are improving operations through lean , and with this solid foundation , we are driving more organic growth and investing in breakthrough technologies for our customers . The team is committed to innovating for a more sustainable world with leading positions in the future of flight , precision health , and the energy transition . With our focus on profitable growth and cash generation , I am confident we are well - positioned to achieve high single - digit free cash flow margins over time . " GE continues to make progress in its transformation : Focusing on industrial core : The GECAS - AerCap combination announced in March is an important catalyst as GE becomes a simpler industrial company . In July , the European Commission cleared the transaction , which follows AerCap shareholder approval in May and the conclusion of the U.S. Department of Justice review in June . GE expects the transaction to close by the end of 2021 . Solidifying financial position : Gross debt reduction following the Aer Cap close is expected to be more than $ 70 billion since the end of 2018 , including a $ 7 billion debt tender in the quarter . GE reduced its backup credit facility to $ 10 billion from $ 15 billion . The company also continued to de - risk its pension , announcing a freeze in the U.K. beginning January 2022. GE discontinued most of its factoring programs effective April 1 , 2021 , to help the businesses improve operations and enable more linear cash flow over time . Accelerating lean and decentralization : GE's lean transformation is driving progress across the businesses : faster turnaround times in Aviation Commercial Services , decreased installation cycle time in Healthcare Imaging , increased inventory turns in Onshore Wind , and improved outage on - time completion in Gas Power . GE named Peter Arduini as CEO of Healthcare and an Kjaersgaard as CEO of Offshore Wind . GE also promoted Scott Strazik to CEO of GE Power . Scott and his team , which now includes Valérie Marjollet as CEO of Steam Power , will continue running Power as four distinct businesses . Innovating for a more sustainable world and driving long - term value : GE is committed to partnering with customers to tackle the world's biggest challenges through sustainable solutions , and released its 2020 Sustainability Report in July . The company is driving organic growth through commercial wins and services , new product introductions , and future technology innovation : O Future of Flight : Launched CFM RISE , a new technology development program , aimed at reducing fuel consumption and CO₂ emissions by more than 20 percent and ensuring 100 percent compatibility with Sustainable Aviation Fuels and hydrogen . Secured an order from IndiGo Airlines for 620 CFM International LEAP - 1A engines and associated spares with a multi - year service agreement . * Non - GAAP Financial Measure Financials reflect 2Q'21 quarterly results ; variances are on a year - over - year basis