GE Announces First Quarter 2021 Results

CEW GE logo 400

May 5, 2021

GE announced results for the first quarter ending March 31, 2021.

GE Chairman and CEO H. Lawrence Culp, Jr. said, “I am proud of the GE team’s solid first quarter results, despite a still difficult environment for Aviation. We are improving our cash performance and profitability with Industrial free cash flow growth of $1.7 billion year-over-year, excluding BioPharma, and organic margin expansion across all segments, except Aviation. This continued progress sets us up well to deliver on our 2021 commitments.”

Culp added, “Our recent GECAS transaction serves as an important catalyst in our transformation to a more focused, simpler, and stronger industrial company. At the same time, our businesses are building momentum by accelerating our lean and decentralization efforts. We are shifting more toward offense and capturing opportunities in the energy transition, precision health, and future of flight. I am confident we are well positioned to drive profitable growth, achieving high single digit free cash flow margins over time and creating long-term value for shareholders.”

GE continues to build momentum on a stronger foundation: 

Simplifying and strengthening GE: The recently announced GECAS and AerCap transaction focuses GE on its industrial core and provides cash and a meaningful equity stake for further upside and flexibility as the aviation industry recovers. GE expects to use the proceeds from the transaction to further reduce debt for a total reduction of more than $70 billion since the end of 2018.

Accelerating lean & decentralization: GE’s lean transformation is scaling company-wide, driving sustainable performance, including improved safety, quality, delivery, and cost, as well as high-quality revenue and cultural change. Coupled with significant decentralization efforts, GE is enabling improvement at deeper levels of the organization across nearly 30 P&Ls to drive greater accountability and move action closer to customers.

Investing in technology and serving customers: Driving organic growth efforts through new product introductions and services capabilities. Recent wins across our portfolio include:

Energy transition: Secured largest combined Onshore Wind project in Renewable Energy’s history, consisting of more than 530 turbines for the 1.5GW North Central Wind Energy Facilities in Oklahoma. Began first commercial operation of Gas Power’s 9HA.02 gas turbine, the world’s largest and most efficient gas turbine, at Southern Power Generation’s 1.4GW plant in Malaysia.

Precision health: Launched new, innovative solutions to support clinicians treating patients at the point-of-care, assisting clinicians fighting COVID-19. Vscan Air™, a wireless, pocket-sized ultrasound with whole-body scanning capabilities, delivers high-quality images directly to the clinician enabling sharing with patients in real-time. Also launched Venue Fit™, a simplified, compact, intuitive ultrasound, as well as an industry-first AI offering for cardiac imaging and a tool to display lung abnormalities on the Venue™ and Venue Go™.

Future of flight: Secured agreements from Southwest Airlines for CFM International’s LEAP-1B engines to power 100 Boeing 737 MAX 7 aircraft, along with a long-term services agreement, and Scandinavian Airlines for CFM’s LEAP-1A engines to power 35 additional A320neo family aircraft, also with a long-term services agreement, valued at $2.9 billion. CFM’s LEAP engines reduce fuel consumption by 15% compared to CFM56 engines.

Go HERE for the full release

Related Articles


Changing Scene

  • LEDVANCE Expands Ontario Presence with New Specification Agent

    LEDVANCE Expands Ontario Presence with New Specification Agent

    LEDVANCE is pleased to announce the appointment of Sterling Architectural Products Ltd. (Sterling Lights) as their new specification agent in Ontario. This partnership strengthens LEDVANCE’s presence in the region and reinforces their commitment to serving the professional lighting design and specification community with innovative, reliable lighting solutions. With decades of experience and a service-driven mindset,… Read More…

  • May 29, 2025 - Eureka Wins Three 2025 Red Dot Awards for Product Design

    Eureka Wins Three 2025 Red Dot Awards for Product Design

    Eureka is pleased to announce that its Velia, Cirra, and Junction luminaires have each received a 2025 Red Dot Design Award for Product Design. It is the 11th consecutive year that Eureka products have been honored with this prestigious award, which is a testament to the company’s consistency and relentless drive to design exceptional luminaires.… Read More…


Design

  • Mac’s II Agencies: Case Study – Tesoro, Vancouver, BC

    Mac’s II Agencies: Case Study – Tesoro, Vancouver, BC

    At the crest of False Creek, Tesoro stands as a contemporary interpretation of classic luxury, offering 92 exclusive waterfront homes in the heart of Vancouver. Developed by Concert Properties, this 17-story residential tower embraces a distinctly modern character, harmonizing sleek design with timeless sophistication. The vision for Tesoro extended beyond its architectural presence—it was about… Read More…

  • LightForm: Estiluz – Versatile Solutions for Sophisticated Spaces

    LightForm: Estiluz – Versatile Solutions for Sophisticated Spaces

    For anyone seeking high-performance lighting that blends elegance with engineering, Estiluz offers an exceptional range of solutions. This Spanish brand, family-owned since 1969, creates lighting that balances form, function, and flexibility, making it ideal for both bold architectural statements and subtle design enhancements. At LightForm, they are proud to be the exclusive Canadian distributor of… Read More…


New Products

  • Cyclone Lighting Introduces New Taji Luminaire

    Cyclone Lighting Introduces New Taji Luminaire

    Cyclone Lighting is excited to announce the release of its new Taji luminaire. Taji’s captivating design features high-performance optics and enhances a variety of aesthetics. Taji’s distinctive, stylish silhouette and slender lines are a refreshing departure from the ubiquitous dome luminaire. The unique flared form maintains a slender, minimalist feel yet provides high-performance optics. The… Read More…

  • Leviton Releases New Decora Smart Wi-Fi 0-10V Dimmer for Home & Small Business Lighting Control

    Leviton Releases New Decora Smart Wi-Fi 0-10V Dimmer for Home & Small Business Lighting Control

    Leviton has announced the launch of the Decora Smart Wi-Fi 0-10V Dimmer (D2710), expanding its comprehensive Wi-Fi lighting and load control solutions that work with the My Leviton app. As the first Matter-compatible 0-10V smart dimmer, the new 120V/277V device makes it easy to add 0-10V dimming to smart platforms such as Apple Home, Amazon… Read More…