General Electric Co. Q3 FY2023 results: revenue $17.3 billion, down 9.1% on the year

General Electric Co. (GE) reported revenue of $17.3 billion for Q3 FY2023, the quarter ended 30 September 2023, down 9.1% on the same quarter a year earlier. Net income was $348 million, and diluted earnings per share $0.23. The figures are the company's own, from the 10-Q it filed with the SEC on 24 October 2023.

Revenue$17.3 billiondown 9.1%

Net income$348 million

Diluted EPS$0.23

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	17,346	n/a	n/a	n/a
Cost of revenue	12,905	n/a	n/a	n/a
Gross profit	4,441	n/a	n/a	n/a
Gross margin	25.6%	n/a	n/a
Research and development	471	n/a	n/a	n/a
Selling, general and administrative	2,171	n/a	n/a	n/a
Operating income	973	n/a	n/a	n/a
Operating margin	5.6%	n/a	n/a
Pre-tax income	300	n/a	n/a	n/a
Income tax	138	n/a	n/a	n/a
Effective tax rate	46.0%	n/a	n/a
Net income	348	n/a	n/a	n/a
Net margin	2.0%	n/a	n/a
Diluted EPS	$0.23	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	1,823	n/a	n/a	n/a
Capital expenditure	402	n/a	n/a	n/a
Free cash flow	1,421	n/a	n/a	n/a
Free cash flow margin	8.2%	n/a	n/a
Depreciation and amortisation	378	n/a	n/a	n/a
Buybacks	313	n/a	n/a	n/a
Dividend per share	$0.08	n/a	n/a	n/a
Diluted shares, weighted	1,099m	n/a	n/a	n/a
Shares outstanding at period end	1,088m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	156,662	n/a	n/a	n/a
Cash and equivalents	13,127	n/a	n/a	n/a
Receivables	14,546	n/a	n/a	n/a
Inventory	17,020	n/a	n/a	n/a
Goodwill	13,177	n/a	n/a	n/a
Total debt, as filed	20,822	n/a	n/a	n/a
Long-term debt including finance leases	19,488	n/a	n/a	n/a
Operating lease liabilities	1,967	n/a	n/a	n/a
Shareholders' equity	28,665	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	17,346	19,423	16,053	9,094	9,842	10,812	9,935	11,023	12,181	12,716	12,392	13,349
Cost of revenue	12,905	14,396	5,747	5,574	6,226	6,761	n/a	n/a	n/a	n/a	n/a	n/a
Gross profit	4,441	5,027	10,306	3,520	3,616	4,051	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	26%	26%	64%	39%	37%	37%	n/a	n/a	n/a	n/a	n/a	n/a
R&D	471	550	507	300	331	148	359	359	415	447	440	460
SG&A	2,171	2,524	2,269	924	1,330	-86.0	876	1,020	1,195	997	1,084	1,131
Operating income	973	981	758	1,510	872	9,315	1,943	2,091	2,230	2,249	2,214	2,489
Operating margin	6%	5%	5%	17%	9%	86%	20%	19%	18%	18%	18%	19%
Pre-tax income	300	2,009	1,866	1,447	1,893	2,414	2,245	2,389	2,515	2,851	2,198	2,801
Tax rate	46%	21%	17%	9%	10%	13%	13%	16%	14%	14%	11%	15%
Net income	348	1,591	1,537	1,266	1,852	1,899	1,978	2,028	2,157	2,541	1,904	2,370
Net margin	2%	8%	10%	14%	19%	18%	20%	18%	18%	20%	15%	18%
Diluted EPS	$0.23	$1.45	$1.39	$1.15	$1.70	$1.75	$1.83	$1.89	$2.02	$2.40	$1.81	$2.26
Operating cash flow	1,823	3,141	992	913	1,508	1,297	1,509	2,246	2,501	2,281	1,823	3,195
Capital expenditure	402	530	421	78.0	266	267	208	327	307	431	331	335
Free cash flow	1,421	2,611	571	835	1,242	1,030	1,301	1,919	2,194	1,850	1,492	2,860
Buybacks	313	288	322	2,301	1,536	1,668	1,965	1,745	1,844	1,997	2,399	2,128
Shares outstanding	1,088m	1,088m	1,095m	1,084m	1,082m	1,074m	1,066m	1,060m	1,055m	1,049m	1,043m	1,038m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 24 October 2023, accession 0000040545-23-000238: the filing on EDGAR. All of General Electric Co.'s filings: EDGAR company page.

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