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General Electric Co. Q2 FY2024 results: revenue $9.1 billion, down 45.5% on the year

General Electric Co. (GE) reported revenue of $9.1 billion for Q2 FY2024, the quarter ended 30 June 2024, down 45.5% on the same quarter a year earlier. Net income was $1.3 billion, up 3517.1% on the year, and diluted earnings per share $1.15. The figures are the company's own, from the 10-Q it filed with the SEC on 23 July 2024.

Revenue$9.1 billiondown 45.5%
Net income$1.3 billionup 3517.1%
Diluted EPS$1.15
QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

LineQ2 FY2024Q1 FY2024A year earlierChange on the year
Revenue9,09416,053n/an/a
Cost of revenue5,5745,747n/an/a
Gross profit3,52010,306n/an/a
Gross margin38.7%64.2%n/a
Research and development300507n/an/a
Selling, general and administrative9242,269n/an/a
Operating income1,510758n/an/a
Operating margin16.6%4.7%n/a
Pre-tax income1,4471,866n/an/a
Income tax125318n/an/a
Effective tax rate8.6%17.0%n/a
Net income1,2661,537n/an/a
Net margin13.9%9.6%n/a
Diluted EPS$1.15$1.39n/an/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

LineQ2 FY2024Q1 FY2024A year earlierChange on the year
Operating cash flow913992n/an/a
Capital expenditure78.0421n/an/a
Free cash flow835571n/an/a
Free cash flow margin9.2%3.6%n/a
Depreciation and amortisation199378n/an/a
Buybacks2,301322n/an/a
Dividend per share$0.56$0.00n/an/a
Diluted shares, weighted1,100m1,103mn/an/a
Shares outstanding at period end1,084m1,095mn/an/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

LineQ2 FY2024Q1 FY2024A year earlierChange on the year
Total assets123,190163,942n/an/a
Cash and equivalents12,10718,447n/an/a
Receivables8,37015,100n/an/a
Inventory9,46917,603n/an/a
Goodwill8,85913,304n/an/a
Total debt, as filed19,67320,525n/an/a
Long-term debt including finance leases17,97319,493n/an/a
Operating lease liabilities8621,908n/an/a
Shareholders' equity18,59829,855n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue17,34619,42316,0539,0949,84210,8129,93511,02312,18112,71612,39213,349
Cost of revenue12,90514,3965,7475,5746,2266,761n/an/an/an/an/an/a
Gross profit4,4415,02710,3063,5203,6164,051n/an/an/an/an/an/a
Gross margin26%26%64%39%37%37%n/an/an/an/an/an/a
R&D471550507300331148359359415447440460
SG&A2,1712,5242,2699241,330-86.08761,0201,1959971,0841,131
Operating income9739817581,5108729,3151,9432,0912,2302,2492,2142,489
Operating margin6%5%5%17%9%86%20%19%18%18%18%19%
Pre-tax income3002,0091,8661,4471,8932,4142,2452,3892,5152,8512,1982,801
Tax rate46%21%17%9%10%13%13%16%14%14%11%15%
Net income3481,5911,5371,2661,8521,8991,9782,0282,1572,5411,9042,370
Net margin2%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 flow1,8233,1419929131,5081,2971,5092,2462,5012,2811,8233,195
Capital expenditure40253042178.0266267208327307431331335
Free cash flow1,4212,6115718351,2421,0301,3011,9192,1941,8501,4922,860
Buybacks3132883222,3011,5361,6681,9651,7451,8441,9972,3992,128
Shares outstanding1,088m1,088m1,095m1,084m1,082m1,074m1,066m1,060m1,055m1,049m1,043m1,038m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-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 June 2024, filed 23 July 2024, accession 0000040545-24-000176: the filing on EDGAR. All of General Electric Co.'s filings: EDGAR company page.

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