XXXX, conviction business a months highly differentiated that franchise we with Carolina, leading positions in have you. this priority and I positions product today starts and and technology am thank Entering and right for across premier services, Starting with our higher are X growth customers. my attractive predictability delivering critically on is even Aerospace, in leading engines and the This military our commercial significant stability where sectors. the was with and team. both important
perspective nearly fresh with this their and experience half our unparalleled year. to new of balance a have leaders We roles
major two We changes. are also driving operational
to progress Lean rigor we more our seen accelerating supply with real where delivery. and to with have improve improvements chain, operating is First Take come.
about center through standard turbine multiple increased over they Lean and With Haute And and team’s our are about XX actions Terre in on XX% XX%. we for output work and productivity XXXX today, flows, with Working the use ‘XX need frames this started lead daily in schedule. implementing improved kaizens, management, delinquent. to team Lean demand, our to by continue produces pieces deliver will customers. to way Our
The decentralization. second is
real our running customer to make in cross-functional the closer more product example, are customers work helps we better. commercial own with our time us in as how us, their business, our For line lines P&Ls, with in engines increasingly collaboration
both and revenue the over military with and almost visits XX%. quarter, XX% were external and to revenue internal about was XX% in were more part up engines sales about Turning Commercial up services were now were shop XX%. robust, orders backlog. up XX%. services grew equipment LEAP and than revenue up Equipment And orders XX,XXX
In equipment, commercial units almost LEAP were up up with nearly units, XX%. XX%
units both units up Looking about sequentially, commercial XX%. military but visits shop were flat, were internal and
a and While availability year. our material to tools this continues our we sequential engines challenge, accelerate a help Lean output for improvement, us key services, to using are be across
more expected, cost although pressures. Fourth above mix and by negative better than the support commercial were other business driven than equipment investment shipments, to year-over-year. growth down offset and were price quarter increased margins slightly by we continued volume Higher XX%,
While inflation continue XXXX. in be still cost we will expect positive, to net challenging price
cash For up growth up XX%. internal points solid. sales Services driven shop the year-over-year. basis XX%, by Margins the were visits XX.X%, year, over flow offset was and revenue than from more was costs investments and negative XXX commercial capital. up cash impact with Profitability were price by $X.X positive of and billion mix engine and deliveries. of LEAP driven Free earnings increased working higher
quarter, AD&A flow close of came last As we year, to zero billion pressure. in versus shared $X.X in-year last total
single-digit ahead to sales plus we year. XX% to ‘XX. visits departures aerospace LEAP we GE XX% part in to at With grow to to spare at CFM rate, growing Looking about grow ‘XX, and XX% and are increase. about total about internal expect deliveries commercial expected services engines ‘XX the about this growing expect shop we revenue later levels and expected at be a ‘XX to to are military expect and high-teens in high In XX% engine mid of high-teens today, be levels back are to external to and XX% close
free We to expect also flow. Aligned delivery be to higher about current in $X.X cash profit to schedules, airframe deliver or aircraft and $X.X outflow billion XXXX. of expected $X.X billion to billion is AD&A
define post of current while fleet technologies We lessors they continuing pandemic. that flying Today, keeping all customers airframers, airlines are the new to fleet, as for our and and providing ramp our growing flight. that will means predictability our stability the future in supporting laser-focused on invest our and
capabilities Overall, Adaptive wrote franchise XAXXX included future Transition members XXXX with military funding leader. bipartisan in million Appropriations our Congress continued the the Notably, the the with to includes needed the encouraged we engine The of XX of technology, nearly is at from as Engine support industry in Aerospace received of program, exceptional cutting-edge standalone XAXXX $XXX F-XX. of bright show for by air U.S. continuing momentum the an are GE who our engine superiority. strong support The Omnibus with recently which next-generation a bill. a including ensure Program offers
at real power year to delivered performance making are GE Turning similar a a Vernova renewables. portfolio, strategy solid this we the and running progress
our impacted is results dropped and While XXXX, industry to Act renewables forward. Reduction going real the PTC significantly the in changer lapse a the due game Inflation for us demand the
orders encouraging rebound implementation. the quickly sign. hinge began our lower we demand inflationary of up the fact, will how in Onshore IRA potential a on America X%. and administration But continue North weigh In through volumes doubled pressures on performance. with to moves the than see quarter, more this unlocking very to Meanwhile, renewables full a orders in
$X.X XX% gains. year quarter due lower pricing earnings. and and due offset declined onshore and contracted volumes inflation revenue cash flow productivity was to lower free Fourth down as billion over margins to Full
XX% the to XXXX was regard since savings million lost are restructuring our saw on while this quarter. controlling Grid, in await the first rules, clarity team quarter progress in efforts. close business we that onshore, and in decreasing XXXX. So, deliver action we profitable will are that taking Scott and executing almost IRA and controllable, Orders restructuring reflecting a selectivity significantly. which we sequentially, XXXX, $XXX the grew At for our with also headcount a the
flow. and but expect we XXXX, Our with we mid will work to orders Across flat and actions strategy businesses, free next to X and grew. that yielding improve are variance There and continued inflationary repower, backlog better onshore remain improve the our focus excluding will reducing more growth, pipeline. continue urgency. are single-digit sales revenues, on months profitable to despite product selectivity certainly Service pricing profit improving strategic and costs our In and with sourcing the pressures. product cash do orders is challenging, more acting significantly a
Taking based half it more this half X,XXX hand, we the in America in in North And Onshore, more units we delivering of orders orders by second than volume the the on the doubling year. the XX% have expect over with American are businesses. we of globally confident growth than first North year. versus
We and warranty shift growth linked expect strong to size also this by billion which payments of large and This won, we in customer $X later to benefits. we tech better related commitments, orders reserves, $X $X.X cash are cash the to significant could significant With billion includes lower driven down quarters. orders a have year. complexity, billion expect selects but this across These step restructuring convert up profit project somewhat comes given year. timing roughly and this to price of
In to revenue more offshore, in than $X.X XXXX. billion about expect double from we
projects rising be However, our the will new Haliade-X resulting inflation in product between typical margins margins on tranche challenging and of first losses.
a Associated down pressured also delivery in be growth mostly in timing payments, offshore, will the limited and expect cash we XXXX dynamic. with significantly
given Grid, orders small and growth. structure productivity. taken to robust continued cost we progress, offset our our our expected we are – inflation growth, The on expect continue actions at And make and smaller pressures, including we’ve price to
I’m improvements Overall, enable the we’re throughout deliver our confident external together, a will the modestly longer-term profile in economic and help catalysts year improve renewables Taken key this seeing year will grid in profitable XXXX. operating IRA here. to like
our by Moving cash to growth. demonstrated profit Power. is and We’ve significantly improved power continued
assets HAs services well shipped our a expanded source we’ve reliable for date, fleet. units XXX positioned utilization the providing in XX our We’re growth in roughly future cash continued now of with To fleet. COD, the HA as highest with growth
also robust. grew and quarter, and by at solid Gas Looking all businesses double in aero orders with transactional digits, was gas Services derivative the were gains. power revenue we demand Orders gas and Power. through challenging significant largely up momentum productivity remained to at continued points price remain Similar by inflation expect XXXX. Margins up favorable over by revenue driven services. again will Aerospace, driven expanded XXX cost basis volume, driven
orders basis but underwriting. were with digits achieve In double as gas Moving taking significantly single-digit to expanded selectivity led line our year, across XXX steam. disciplined the high off by not outlook, grew digits, low up single service, Margins our enabling points, billings utilization fleet eye flow power services. and were up with and the free full importantly, improved single our digits. cash revenue At for we’re margin to strong both gas low was year,
gas, and Gas more help At Equipment gains anticipate will well to as driven XXXX HAs equipment rising growth inflation Looking we as wind services should at as Difficulty] the expect build team, Power, [Technical Power services. by despite new both year-over-year. offset low volume for single-digit deliver we price productivity and and revenue pressure. we revenue grow down
We important an earnings world vast the flow to expect offset cash energy the made back, conversion to in disbursements, the a is we challenge year-over-year, and and play transition. will these to businesses strategic solid. strong GE collections meet. the free Stepping role growth cash our decarbonize their existing were portfolio imperative lower expect flow It’s with in continued technologies are electrify bases by remain installed but services Vernova free
now XXXX. outlook the to Let’s GE turn overall for
adjusted is aviation includes recovery. profit the adjusted expecting industry, our portfolio $X.X confidence range $X.X range, in is like post-pandemic of outlook $X.X our higher free and this Underpinning well as continues to single-digit for of the to worldwide revenue strength billion the airlines flow. concentration EPS, growth a cash GE services a in high its billion We’re which billion to and as airframers $X.XX in Aerospace commercial of $X billion organic $X.X for about
revenue profit anticipate thus for yielding also military growth, GE Aerospace significant We ‘XX. growth in
low to slight of million down planned improvement This we including expect cash, For and mid-single-digit $XXX payments to to driven by onshore profit profitability growth and On flat GE largely better across in GE, to turn, increasing businesses. million, both Vernova, negative expect negative $XXX at for we earnings free higher shift us improvements in improvement. from Across we cash offset continued could some quarters timing drive working offshore management. higher this In deliveries. expect flow ‘XX. and GE with deliver help capital where improved operational will is
more March looking We Bowl Aerospace us. X come home forward teams to you’ll Champion Vernova. Please Bangs, in our about at leadership sharing during then, Investor Conference Aerospace to Cincinnati GE GE our are more from hopefully, both hear and by Super of detail see the where GE
to GE I our positioning up Slide fleet. longer-term close renewables an drive our is hope Power largest continuous strong At setting and story and exciting our X, results, cash, technology Vernova, growth. simpler results youngest while unique delivering see: and our our portfolio’s the is you solid To earnings and and we’re industry’s see profitable is GE improvement what on I mantra, Aerospace future. a team, reflect
plans moving well the to industry I’m energy for We’re customers the will create our ahead. leaders positioned greater of and are investment-grade shareholders confident flight value unlock we our two we our in with independent growth transition. that year launch the long-term future lead forward shape to And and as that
for ready questions. Steve? we’re Now
