商业

当GE在第二季度2021年恢复增长时,航空终于起飞

GEhas revealed that it managed to return to revenue growth during Q2 2021 thanks in part to a strong recovery in demand within its Aviation business.

For the three months ending June 30 2021, GE turned over $18.3 billion, $600 million (or 3%) more than it managed to generate over the course of Q2 2020. The firm’s marginal revenue recovery can be attributed to a 33% increase in orders, received largely within its Power and Aviation divisions, the latter of which became a hive of 3D printing activity during the quarter.

Although GE’s financials mark a welcome return to growth for the company, after its revenue declined 20% during FY 2020, its takings still fell 36% below the $28.8 billion it reported in the pre-pandemic Q2 2019. That being said, following the results’ publication, shares in the firm have risen 3% premarket, suggesting that investors are mildly encouraged by GE’s turnaround.

“The GE team delivered strong overall performance in the second quarter,” said H. Lawrence Culp Jr, CEO of GE. “Orders and revenue returned to growth, our operating margins expanded across all segments, and we generated positive industrial free cash flow. Momentum is building across our businesses, driven by Healthcare and services overall, with Aviation showing early signs of recovery.”

一排GE添加剂的ARCAM机器。
通用电气已经知道采用循证医学Arcam 3 d打印机雷电竞app下载in the production of its GE9X aircraft engines. Image via Arcam.

GE’s promising Q2 2021

虽然GE没有报告其以添加剂制造为中心的财务雷电竞充值GE添加剂直接的子公司可以通过其更广泛业务的其他相关部分评估其绩效。从广义上讲,GE将其结果分为五个关键类别:电力,可再生能源,航空,医疗保健和GE Capital。

During Q2 2021, Power was the company’s fastest growing division, and it generated $4.8 billion worth of orders, 67% more than the $2.9 billion reported in Q2 2020. Over the same period, GE’s Healthcare and Renewable Energy revenue also increased by 15% and 14% respectively, while income at its GE Capital business rose by 27%.

Most significantly though, Q2 2021 saw the company’s Aviation revenue begin to bounce back after it fell 41% during a disastrousCovid袭击2020财年。鉴于众所周知,该细分市场也很可能占其3D打印活动的大部分时间27 Arcam 雷电竞app下载3D打印机为其GE9X商用飞机发动机生产零件。

GE Financials {$) Q2 2019 Q2 2020 区别 (%) Q2 2020 Q2 2021 区别 (%)
Aviation 7.9亿 4.4亿 -44 4.4亿 4.8 bn +10
Healthcare 4.9亿 3.9 bn -20 3.9 bn 4.5亿 +15
可再生能源 3.6亿 3.5 bn -3 3.5 bn 4.0亿 +14
力量 4.7亿 4.2亿 -11 4.2亿 4.3 bn +2
GE Capital -89m -1.5亿 -1585 -1.5亿 -1.1bn +27

在航空中,通用电气的订单从2020年代第二季度至2021年第2季度从37亿美元上升到55亿美元,而其收入也从44亿美元跃升至48亿美元。在此期间,该公司实际上看到了其军事客户的兴趣减少,但是在较大的备件订单和更新的访问活动的推动下,对其商用发动机和服务的需求增加了,这足以抵消这种下降。

除了收入外,通用电气通常继续专注于使其业务更精简,目的是在其商业服务业务中推动更快的周转时间,并巩固其财务状况。自2018年以来,该公司现在已经从债务中削减了超过700亿美元的债务,并在2021年第2季度获得了70亿美元的招标,而其改进的余额使其能够将其信贷额度减少50亿美元。

Likewise, the company’s lean spending approach, including a recently-revealed UK pension freeze, has seen its liquidity rise to $22 billion, and its FY 2021 outlook for industrial free cash flow raised from $2.5 billion-$4.5 billion up to $3.5 billion-$5 billion, suggesting that the firm’s leadership is confident current levels of demand can be sustained until at least the start of 2022.

新的上升喷气发动机的概念渲染。图片通过CFM International。
A concept rendering of the ‘RISE’ engine GE Aviation is developing alongside Safran. Image via CFM International.

解释GE的订单繁荣

GE可能不会破坏其3D打印业务的性能,但它确实宣传了其一些备受瞩目的机器销售,从而洞悉了他们的相对商业成功。例如,在本季度开始时,冶金公司ICD应用技术宣布有获得了概念激光M23D printer to address unspecified “demanding applications.”

同样,EROFIO集团使用GE添加剂成为了第一个到3D打印的零件概念激光M线3D打印机早在2021年6月,在今年晚些时候的商业发布之前。关于航空航天,该公司在第二季度2021年的需求繁荣也在其增材制造业务中看到,GE Aviation 3D打印金属零件用于雷电竞充值赛峰eco-friendly开放式喷气发动机

此后,此类项目已经看到GE的航空部门开始了3D打印,而不是投资自己的四个gas turbine engine parts,将其相关成本降低多达35%,而其长期研究与马里兰大学and橡树岭国家实验室recently yielded aunique 3D printed heat exchanger,这能够在高达900的温度下运行oC。

后一个项目与GE对“为更可持续的世界进行创新”的更广泛承诺联系在一起,该公司已获得大量的美国政府支持,以参加类似的基于3D印刷的计划,前进。在一种情况下,该公司正在为670万美元的计划做出贡献,旨在确定reducing the cost of producing turbine blades用于离岸风电场。

涡轮刀片前往街区海上风电场。
GEResearch is currently taking part in a U.S Department of Energy-backed project to 3D print wind turbine blades . Photo via LM Wind Power.

寻找可持续增长

尽管通用电气的领导层通过增加了2021财年的自由现金流前景来回应其增长复兴,但该公司的收入,利润率扩大和EPS预测仍然相同。尽管该公司预计其商业发动机的销售将在第三季度,同比增长,并且航空部将恢复到这一年的平坦,但这是事实。

通用电气不愿提高其收入目标很大程度上取决于大流行构成的持续挑战,因为它仍然可能影响飞机交货,医疗保健部门甚至更广泛的重组。因此,根据劳伦斯·库尔普(Lawrence Culp Jr)的说法,公司必须继续专注于实现其可再生能源部门的未来机会,因此其现金流将自然恢复。

劳伦斯·库尔普(Lawrence Culp Jr.位置良好,可以随着时间的推移实现高单位的自由现金流边距。”

“通用电气正在转变为更加集中,更简单,更强大的高科技工业公司。”

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特色图片显示波音777X喷气机和GE9X发动机。通过波音的照片