Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 4

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 7
Chunk 4
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Total engineering investments, both company and partner-funded, increased compared to prior year. Internal shop visit output increased in 2024 compared to 2023, while total engine deliveries and LEAP engine deliveries decreased primarily due to supply chain constraints. We are investing in our manufacturing and overhaul facilities and are deploying engineering and supply chain resources to increase production, expand capacity and strengthen yield.

Sales in units, except where noted202420232022Commercial Engines1,911 2,0751,663LEAP Engines(a)1,407 1,5701,136Internal Shop Visit Growth %(b)3 %10 %22 %(a) LEAP engines, which are in a significant production ramp, are a subset of Commercial Engines.(b) Internal shop visit growth represents the change in shop visits completed for the period for customer-owned engines covered by a GE Aerospace or joint venture services agreement where GE Aerospace fulfills the shop visit maintenance activity. In 2024, LEAP shop visits greater than 500 hours are included in our shop visit count. The growth rates in 2024, 2023 and 2022 exclude LEAP quick turn events.

SEGMENT REVENUE AND PROFIT202420232022Equipment$7,106 $6,169 $5,125 Services19,775 17,686 13,688 Total segment revenue$26,881 $23,855 $18,813 Segment profit$7,055 $5,643 $4,164 Segment profit margin26.2 %23.7 %22.1 %

*Non-GAAP Financial Measure

2024 FORM 10-K 9

For the year ended December 31, 2024, segment revenue was up $3.0 billion, or 13%, and segment profit was up $1.4 billion, or 25%, compared to the year ended December 31, 2023.

Revenue increased primarily due to higher spare parts volume, increased internal shop visit workscope, improved pricing and favorable customer mix. These increases were partially offset by lower deliveries of new engines due to supply chain constraints and an unfavorable change in estimated profitability of our long-term service agreements of $0.1 billion.

Profit increased primarily due to increased spare parts volume, increased internal shop visit workscope, improved pricing and favorable equipment and services mix. These increases were partially offset by inflation, higher growth investment and an unfavorable change in estimated profitability of our long-term service agreements of $