Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 2

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 7
Chunk 2
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 partially offset by an increase in segment profit of $1.6 billion, an increase in profit from our run-off insurance operations of $0.7 billion, an increase in gains on sales of business interests of $0.5 billion, primarily related to the sale of our non-core licensing business, the nonrecurrence of prior year preferred stock dividends of $0.3 billion, and a reduction in separation costs of $0.2 billion. Adjusted earnings* were $5.0 billion, an increase of $1.8 billion, due to an increase in segment profit of $1.6 billion and lower Adjusted Corporate & Other operating costs*.

*Non-GAAP Financial Measure

8 2024 FORM 10-K

Profit was $7.6 billion, a decrease of $2.8 billion. Profit margin was 19.7%, a decrease from 29.5%. Operating profit* was $7.3 billion, an increase of $1.7 billion. Operating profit margin* was 20.7%, an increase of 330 basis points. Continuing earnings (loss) per share was $6.09. Excluding the results from our run-off insurance operations, separation costs, restructuring and other costs, non-operating benefit (cost) income, gains on retained and sold ownership interests, gains (losses) on purchases and sales of business interests and goodwill impairments, adjusted earnings per share* was $4.60, an increase of 56%.

For the year ended December 31, 2023, continuing earnings increased $8.1 billion, primarily due to an increase in gains on retained and sold ownership interests of $5.7 billion, primarily related to our GE HealthCare and AerCap investments, an increase in segment profit of $1.4 billion, an increase in non-operating benefit income of $0.9 billion, the nonrecurrence of debt extinguishment costs of $0.5 billion, a decrease in interest and other financial charges of $0.3 billion, a decrease in restructuring and other charges of $0.3 billion and an increase in profit from our run-off insurance operations of $0.1 billion. These increases were partially offset by an increase in provision for income taxes of $1.1 billion. Adjusted earnings* were $3.2 billion, an increase of $1.1 billion, primarily due to an increase in segment profit.

Profit was $10.4 billion, an increase of $8.9 billion. Profit