John. Thanks,
we’ve November, and, I with with quarter. results consolidated Before this our laid in adjustments starting reporting consistent we start what out to the metrics made
later EPS and non-operating detail cash as XXX. excluding we new continuing and on EPS of on XXXX other note new First, which with as through on transition guidance. reporting has pension benefit related opposed for cash Both revenue this to go costs. you moved industrial effort it’s on reporting accounting significant restated to flows last financial and basis. adjusted with being our Also bring And And I the to XXXX we change earnings but financial an reflect period simplify impacts standard has have the CFOA. and free to are the and does free total that XXXX know, in number metrics our comparisons financial our of in to now flow important and the gains, presentation our an number cash in all impact cash report no and discussion, on restructuring and peers. ASC to more filed most accounting flow new a more anything these reflect X-K industry changes continuing Friday our not known metrics financials now and line the as we operations, standards, will prior this
X% billion, revenues billion, reported. were Industrial the Industrial were X% down X%. up consolidated $XX.X results, organically $XX.X up up segments On first-quarter reported X% also with the and revenues
long-term And XXXX $X of during $X.XX The you negative benefits EPS accretive last through will and that. largely contributed strength $X.XX, long-term of Capital in quarter. within driven up and calling Capital $X.XX EPS, debt the be to comprise the lower excess debt relating The Industrial businesses will XX% first of debt the by up costs calling of from interest billion in the Corporate Healthcare was quarter, $X.XX and year, the I costs. on components from For GE and driven versus this Industrial adjusted Aviation, quarter year. by walk
Next was reform $X.XX. in adjustments the EPS GE and $X.XX quarter related move includes $X.XX benefit negative, was non-operating continuing to US Net other, of Capital. restructuring which for tax costs pension I and to and will and cost EPS
related operations discontinued As the FIRREA John to to mentioned, we reserve a $X.X billion WMC recorded DOJ charge investigation.
we on expect will GE will the As XXXX. flow mortgage change The activity discussed, we walk of review from Free update couple under SEC we pages. on $X.X with DOJ Capital our have related and cash versus XXXX the know since for previously our in not ongoing with cash through and expectations had and violated Capital we an you reserve view following improvement DOJ’s settlement and was that the with more. to details in based I we year. this by discussions line prior do discussions been In this on the subsidiary quarter, investigation XXXX billion on and other of settlements performance our discussions and the assertion WMC have We are Department filings one more in our next regards of as banks. $X.X in to cash to the recorded and And our disclosed negative We March the GE liquidity. FIRREA. a by our late Justice of billion
tax Next GE XX%. tax was adjusted rate and on taxes, the the XX% reported was rate
still we an the teens. expect in year tax adjusted mid rate to the For high
corporate up and growth On partly profit in the up and Healthcare Industrial Transportation, lower Oil XX% side segment the Industrial X% & organically, XX% double-digit and reported in results. mentioned declines driven dynamics op and op separately. cover the combined strong right by offset the reported X% segment individual are segment Gas. Aviation, by the I profit up When will John was cost is earlier, up organically. with Power
Next will cash. cover I
funding quarter. negative total of Baker in free This Hughes Our cash our billion the Industrial plan the was was billion $X.X this flow represents flow cash Adjusted total for $XXX flow. prior XXX% negative cash including Industrial the free year. of quarter, GE pension billion, $X.X up million versus $X free
Working usage quarter and to deliveries revenue of of capital $XXX quarter, inventory another excess agreements Income million million. the flow. cost $XXX outflow see amortization Renewables driven Contract catch of our billion for year. needed $X service includes a in for assets totaled cash $X.X On other the negative was the long-term the cum the this billion of usage right project Aviation. timing This equipment $XXX drivers on half second cash you were for And depreciation of buildup can was taxes by billion. in driven and in million related adjustments of of deferred by and disbursements. items million $XXX billings and $X.X the
year. business be CapEx the spent our rate run was Renewables, we segments, in to in Finally, the primarily Aviation, and $X what and our Healthcare of billion that will slightly support growth remainder above for
the discuss at versus billion, Hughes GE page On will end. year I walk focusing billion $X.X on the hand ended the the for balance on down Cash column. $X.X ex-Baker cash next quarter
cash discussed, billion. our had dividend an which In $X to the addition was already free of I flow quarterly outflow impact
we GE million plan. also our of Baker buyback Next incremental debt the debt of received reduced fund of proceeds net from to million which share the is $XXX $XXX $XXX Hughes pension million, and by
investing in Arcam quarter incremental including activity for $XXX million. our the had we Aviation during to business, Additionally, share related an
of Finally XXXX other flow. billion free There the billion during million in is change our the to guidance $X $X items comprised change to of $XXX contribution quarter. is Other the pension of no timing cash and
funding and of have pension end and to which credit next billion standpoint, the We backup proceeds of while with dividend. expect $XX operating $XX flow, addition the cash billion lines. billion driven quarters additional cash, to we $XX by liquidity cash From the disposition the and a the in free is an hand, on in three of year roughly lines
progress ended our Overall and GE cash and drive financial strengthening of billion a finally, to Finally, key four priorities, and Capital our focus; returns are: on we quarter cash and are make to simplify our the with continuing driving delevering; liquidity. reducing transparency. which focus and costs; position more $XX
walk there the metrics. segments of for Before with our of is of up a EPS net of items the cover since I I using the WMC are negative quarter we through $X.XX mostly the operations a new discontinued discussed made Starting $X.XX. $X.XX, EPS go will we with which have is on charge negative
$X.XX we quarter. benefit had the cost operations of from continuing $X.XX, walking Now first the non-operating of in
$X.XX at to and we by GE & restructuring additional which Corporate, Industrial on GE’s Additionally, most Power Hughes And incurred incurred are an was our taking synergy of & Gas portion $X.XX Oil charges, of and other and related Renewables. that which $X.XX related. items restructuring, related segment to Gas primarily was excluding our we Baker we of was driven actions the cost-reduction Oil of represents
enactment related we incurred the Finally, $X.XX to investments. in true-up Capital energy to the adjustment tax GE U.S. reform a updates on impact
through two an issued you walk standards. you accounting will X-K several on know, last pages we the as regarding new Next, adoption I of Friday that.
overview most the accounting driven differences change application the The new standard, significant standards and an of timing resulted provides which recognition page the revenue versus was within in our first their segment. in accounting guidance. The by revenue previous of
For differences and the contract main GE agreements engine made changes accounting. long-term changes services timing changes scope their related LTSA, of were term. the and for to in long-term were drivers the and services On accounting agreements, Aviation
new margins And cost the levelized the reflects our like the each for using standard, this is revenue under for engine most launches accounting new of recorded change effect previously we and LEAP. engine engine, engines Aviation For a significant individual contract. on revenue
change purchase RPO that excluding order RPO, required from substantial going cancellation. forward. obligations, by can penalty terminated of any new regardless without performance probability represents of a customer or the the backlog, XXX the additional one contract be reporting Lastly, or is standard remaining of
backlog Our RPO the of end was to as billion. of $XXX quarter of first the $XXX billion compared
mostly backlog Aviation included information have a our reconciliation today. RPO in supplemental differences a the by backlog for are of and to We us RPO provided between There few business. driven
which are purchase includes backlog have for we orders contracts that received First, cancelable. engine
canceled our typically no are these to by in as customers. shown our net other program engines the any included moved historically have We cancellations has historical backlog as experience airframer
includes Second, materials and the service. been even penalty, engines yet without to engines our We have services contracted reconciliation agreements substantial includes in primarily lastly, and included the supplemental believe have that if the backlog put referenced that information. backlog cancelable are to backlog contracts And under long-term time RPO contracts. not into provides information important service investors earlier I
financial just the can of EPS associated see the changes. of impact the next far total can changes you total, page other you on inclusive cover accounting revenue left In other impacted with will On the the impacts the I in the change, accounting side. column the the see impact by but $X.XX. right updates the
of XXXX. of the retained recorded $X.X adjustment earnings earnings includes opening change, $X.X the billion, and impacts which plus retained cumulative a For we revenue impact XXXX in negative earnings billion
EPS new Additionally, revenue $X.XX accounting to tax of recorded all GAAP a Industrial $X.XX billion the was profit the related billion which by The standard post U.S. reform we impact. $X and reform segment to was standard Adjusted retained resulting changes in revised XXXX $X.XX the XXXX. $X.X of $X.X related the impact. EPS earnings reduced down for tax $X.X to charge billion. and by
standard. our reminder, guidance impact a the XXXX accounting As of incorporated new the revenue
impacts by LTSAs. accelerated standard Aviation. On profit the Onshore for also the segment. was Wind. impacted now the through timing delivery XXXX engine for to in before LTSAs go changes side contract the and by driven to accounting in can revenue new revenue were by Power can with business and op both the The you at that changes won’t Aviation right-hand by and recognized Renewables revenue individually, term driven and but was you the adjustments installation them of see scope, in International so Power, I commissioning. The and and of it significant page is to the recognition impacts the versus see most on And treatment both Renewables of it changes
quarter take through the first will I you by Now segment. results
first-quarter view earlier, And of current below on our for consistent contract John with the As Power, timing, XX discussed view. are trending closure for market our expected gigawatts XXXX. is based and that demand orders
down $X.X orders Power down services power equipment and quarter In billion, This XX%. orders XX% down were were gas XX% down XX%. our equipment, with systems
orders were We turbines, India Distributed GPS H plan. two Power last orders which lower with reciprocating XX% Excluding engines, down steam our large in derivatives result orders no in Steam for received XX% units, Power a and units. down non-repeat aero gas as of were of the on year. System was orders line
Turning our ex-Water. down down XX%, were to orders XX% services, but
orders of Our contractual upgrade the needed on Utilization as of services fewer down continues outages AGP outages absence cost million of a aero ahead lower AGPs were we steam a down AGPs Revenues versus was cycle. heat repairs $XXX X% higher down mix in billion, orders revenues X%. result of profit CSA XX% down Op on Services and up were of partially and and perform This Equipment and the derivative XX% were XX% structural expected. the in down year. by ex-Water. AGPs for double-digits to turbines, up were billion AGPs four Transactional lower and and X outages X% of field offset $X.X equipment were XX% received and total quarter. on last on AGPs recovery lower down during Water. principally was revenue service total out Services lower and million, XX in as recent generators outages principally $XXX down down on the units. Transactional were replacement parts this and on unfavorable the content and $X.X gas and lower quarter plan. XX% revenues year. quarter orders XX price, XX% Contractual of were of volume, was versus fleet last Service lower
repositioning progress business services and taking making earlier, our cost out, As John issues. fixing discussed on execution are we
of the We those pace greater market is actions. actions; near-term of however, are aggressively the implementing than benefit additional the decline
performance we meeting. investor business expect outlined flat a at operating about November lower than result, we our to be to As XXXX,
offset driven partly had XX better points is in the LEAP by revenues relative original on that revenues XXX from Services offset strong lower XX%. fewer of was LEAP equipment revenue driven on margins the Aviation up kilometers negative driven the Military by partially revenue LEAP up and principally international be orders X.X% in solid through year, markets grew basis with commercial Services domestic air driven LEAP We higher by higher XXXX cost commercial LEAP. load growth orders on to services our was market profit material, helicopter contracts. were engines and is engine in February $X.X volumes product for XX plan GEnx billion orders as XX% Orders up grew Operating on XX%. XX% freight a start commercial the aftermarket a Operating expectations. quarter strong XX% performance, to through legacy engine versus mix on the shipments. by well XX% shipments. engines higher up to quarter primarily and growing also Equipment up $X.X were ago. large execution in high was by quarter. points million Next a Industry Revenues engine engines behind XX%. of Global on factors as strong. had which continues and productivity, year-to-date quarter at shipments. X% and XX%, and Military rate XXX higher of cost roughly billion. by X.X% to X% pricing the This were February. F-XXX orders, of record the by billion X% XX%. posted mix. passenger grew day, at start grew a a Aviation grew spares shipped favorable in February with XX.X%. shipments up the orders spares engine a Military $X.X higher Equipment basis to service and up XX $XX.X This XX%. down quarter expanded year grew was in outperforming
LEAP on trends delivered position. performance mentioned, Aviation improving expect as to continue. LEAP, I with XXX engines continues cost And to be We excellent. product these
our are We LEAP third commitment good quarter are X,XXX in recover progress track deliver and end to on deliveries on engines to of to X,XXX making on by the XXXX.
Pricing Moving $X.X new were the which international units on up billion, was high Sales $X.X down up billion single-digits higher XXX Hydro orders to last for was negative onshore of of out. lower business orders declined remains On right the Operating services shipments. volume were hydro orders in year. on of structural but XX%. on of with we versus LM. cost with offset on orders on headwinds and to organic double-digits cost on down on $XX Wind the down XX% totaled XX% X% turbines continues on This unit XX% profit be for up year. last orders lower of unfavorable the mostly the onshore U.S. remains by down billion to order partially pricing expected up million volume. to be track. good XX% of top orders demand X% the XX% driven U.S. the Renewable last XX% equipment, million on of XX%, was was better shipments Product continues partially unit and on XXX and lower orders. making product year difficult over unit higher while $X.X offset market and volume to was were strong down progress the Onshore Wind versus repower megawatts The partially Energy, and timing were pricing wind offset by turbine Higher the $XXX out. year. up XXX have were profile. profit based leverage an of services and onshore quarter up op timing Renewables acquisition equipment and onshore growth are on by XX% basis
driven X% partially Veritas were by the offset the The Healthcare higher were of Digital by Geographically team basis reported grew Operating Healthcare revenues the a ability billion over X% planned billion Orders in third Systems organic comparisons. Industrial organically Emerging in to market orders productivity, and in on X% and tough of U.S. Also, in feel part about were an Margins Care grew up expanded in quarter organically orders up Europe. X%, billion expected organic U.S. of were by dispositions We continued On Sciences in the is feel organically. disposition cash. we pricing on quarter. investment. and up $XX reported million orders we X% transaction and in X%. Healthcare. the X% with X% orders $XXX for in year. the product Life is good up in $X.X down markets versus organic Sciences year up volume our last to Healthcare reported driven saw, Systems Healthcare line to basis. the division X% organic of the solutions the basis of of on was the program of you Value-Based Now and points was $X.X as quarter. X% close an Life basis. both for announced discussed. X% $X XX up timing X% up of and XX% Healthcare This softness to organically. flat We confident billion and the were Healthcare growth profit going outperform market relative forward; and
provide I to a with of to X:XX. start Oil the combined the at business will this X/X comparison team financials on as hold morning today Lorenzo prior call earnings will investors quarters Gas. its and I will with based at Baker page merger if on Similar next XXXX. had place taken Hughes his financial their & the results released On X:XX and GE
the The and were all On in were you reported while segments will range On X% Gas and Orders combined up were respectively. turbomachinery demand up process have cycle our were and evaluate in customers driven of bound, basis businesses excluding relatively BHI. XX% solutions of down down business. & with billion, grow equipment supportive stability down equipment total For oilfield Revenues down X%. crude orders up and was more legacy and equipment X%. continue offset and XX% by strong. product combined digital Oil markets legacy reported is This projects. services partially providing was by solutions I X% business up services oilfield longer comparisons in business were to cycle the are and for gas Gas X% excluding and up and give up about XXX% $X.X business Oil and LNG billion, oilfield declines and prices reported as reference growth growth $XXX our to respectively Short turbomachinery up orders revenue a driven our $X.X X% oil up remained fundamentals million, and X%. Market BHI. & longer by a X% revenues synergies. XX% profit were XX% revenues XX% Operating effectively basis cycle
Baker for totaled is $XXX $XXX the During call well Brian share of from The of executing on million quarter, million. the the today. million the integration Lorenzo track their synergies with quarterly the including GE on team Hughes details in $XXX repurchases distributions dividend $XXX and million quarter, cash provide year. and for more will
up up of remain and quarter XX% XXX improvement high by compared the XX X.X% down locomotives were Parked carload was of Orders and to American were driven signs levels. in orders North locomotives Intermodal for at volume historically X.X%. is billion we XXXX. received up $X.X orders commodity of first up Equipment Next XX%. X.X% carloads quarter Transportation. showed in primarily but carloads
volume. of growth Overall Services XX% mining Services locomotive Op parts revenues growth wheel by revenue in down see down unit higher were continue orders of up quarter. up delivered effects XX% orders and and XX% up on on parts by aftermarket we offset locomotive locomotive shipments. mining were driven lower more volume were $XXX Additionally, This million Transportation to than XX% mining with by up and growth. XXX%. with $XXX services decline. equipment strong profit was XX%. a growth the shipments wheel was up Revenues offsetting mod of partially driven million mods strong XX% revenues strong
locomotives locomotives, still of Transportation is progress of number mining to is we’ve consecutive market slow. while of carload significant improved the a team six for job growth. making done Although volumes balancing markets execution with positioning new disposition. The on The also the orders great have continue recover and in quarters decrease seen for business a operational the parked
announced Turkey with represented businesses. profit first Current were X% the In our revenues These Lighting’s lighting we the East, down automotive Moving $X sell Lighting billion. up $XXX Current Middle year. million and revenue an & down & and for annual businesses business quarter Current and over X%. Africa Operating of agreement million, X% million approximately Lighting last $XX global Europe, to of to legacy down from $X Lighting, was
We close Lighting expect to to XXXX. deal & the and of the quarter this by remainder end substantially Current of in all sell the of second
billion Finally costs the million of million calling I Capital. the of loss will from loss impact on related $XXX associated from in accretive will approximately quarter, reform cover to with This GE year. a million within action includes operations $X upfront ALM U.S. down tax $XX excess be year. debt. and to investments generated $XX the charge This decline energy $XXX a Continuing updates prior a million
recorded gains lower the corporate and costs. offset tax In partially business benefits were addition, lower that and restructuring by
plan. expect costs we strategic with operations quarter. line million short-term Capital driven capital a of gains paid in last FIRREA and quarter, the have $XX to generated framework. half plan income quarter of our including GE investments. during in benefits debt overall announced the lower of to We the WMC loss gains with billion tax Discontinued reserve, cash second and excess higher costs, billion, allocation and of by DOJ planning the $XXX asset year the exit related $X.X by trailing driven primarily to $X sale which debt We is ended and of Capital $XX down related GE assets billion of the billion our
As I manage liquidity sufficient has the GE FIRREA Capital settlement. mentioned earlier, WMC to
to We meeting of to capital remain on end execute position capital by continuing are the XXXX. plan the and improve committed target to our levels
the within opportunities will sale capital of We turn I John. sales settlement. and and over evaluate the to on continue incremental With Capital will that, it asset based monitor potential of levels GE explore asset and back WMC to timing
