Jamie S. Miller
I'll performance. X%. I'll driven strong start continuing from of GAAP EPS of our equipment EPS Industrial Starting Organically, negative XXX Larry. Adjusted points gains, at Capital. from increased sale organically. a discontinued to XX% were of down reported basis offset X%. the Industrial & XX related offset which includes the Value-Based adjusted down by share EPS by organically up Oil orders, down by Thanks, was Lighting, were in XX% Aviation reported with and income operations driven which Corporate, basis, driven which down were Industrial the and and and declines X%, and Power. Gas, to XX% in continuing X% per the consolidated billion, Renewables, $X.XX the This Orders Gas. services Oil by quarterly Year-to-date, Renewables, in we side were Net growth on GE organic and organically. in in margins year-over-year Aviation earnings Industrial was revenues driven $X.XX, with was partially $XX.X right-hand walk basis page. Renewables. $X.XX Transportation. and share by from was revenues Power held-for-sale principally solid marks XX% up of Care, up organically, quarter, and & negative Aviation, by includes GAAP X% Healthcare, $X.XX margins reported were X.X% down per and partially and declines points on had profit, earnings Power Revenues profit
related quarter multiple We to also booked impairments Power. this
goodwill. was The first
with being of the unrecognized value fair assets, services the of legacy profitable principally billion thin associated of any margin previously, out billion, value any charge squeezed charge in essentially to significant us failed test, with these the the the required for businesses the Power disclosed related both our unit remaining reporting The a assets And goodwill the impairment their for Grid. related we which Grid. the and third and goodwill. $XX between quarter, of and $X Power value carrying size relationships of the goodwill. Gen Generation and customer our a charge businesses both to results fourth allocated Most value technology. backlog, our As in billion from room fair value remaining we had estimate, to occurred to best quarter on long-standing $XX related our which gas assets turbine Alstom Based XXXX. is of And value acquisition, the billion booked to $XX
the the this that of as in up Justice have this areas is scope we other charge. investigation. The Also, SEC true finalized. its include the And reported will expanded the part of previously of quarter it gets to the fourth ongoing goodwill Department investigation investigating charge. are also SEC's the We
matters. business and We are Power Conversion where face On market the we the their cooperating restructure SEC had related restructuring with of as and we of work items, other to to intangibles assets charges on continue they these in $X.XX challenges. continue and in DOJ long-lived the
incurred and $X.XX also our We GE's of and Baker $X.XXfor share of $X.XX related restructuring, Hughes BD Corporate in transactions Power, restructuring. of charges to principally
Lastly, the associated remaining mark in $X.XX related investment to an Pivotal. equity with unrealized our
was these $X.XX the adjusted quarter. in Excluding items, EPS
volume. for fourth shipments for billion impairment. the $XX and cash cash, quarter $XXX Hughes had Industrial to year assets inventory use million ahead in million, offset in payables adjusting million capital the $XXX were goodwill we of of Income spent of GE. free small was Baker a as amortization Contract CapEx or increased and $XXX and billion quarter by billion quarter depreciation after negative Moving flow $XXX date. for was non-cash $XXX $X.X the build million we million Working a $X cash to gross totaled adjusted negative ex
right-hand excluding the And assumed you business cash generated half few few We to Baker quarter can Hughes settlements fund GE. billion third side Capital GE Aviation of a proceeds $X.X Care. balance. our highlights: the $X the the On And positions, bank Industrial the we see from with first walk other the principally investing We principal Based of on items. of includes businesses' page, cash GE other year, cash of in ended billion billion the Value activity of FX related Solutions our to of in $X.X cash, a billion and and from debt $X.X plan. cash derivative of and
along we with to with miss longer the are expectations, respect our impact Power cash issues persist full generating While flow year had and initially that to with earnings than and significantly which cause expected businesses our it's deeper clear will us flow cash will targets.
and we our A S&P to downgraded Next balance Capital's commitment and I'll which to a our ratings single us, impact we and is on most target a stable policy sustainable outlook on range. important of program. pronounced commercial strategic to downgrade X, will strength discuss prepared A is the is manageable, financial A in credit rating have credit the the reflects on with and solid delever GE and this. single rating Fitch for and paper rating The impact review. our The GE from sheet. BBB+ were Moody's October
As billion we committed credit lines in have you place. of know, $XX
a smaller long this paper. our our We reducing a size, line commercial term program portion in and are tapped currently of commercial of revolvers paper to transitioning these our have reliance with and is objective on
have We this transition to smoothly. execute liquidity sufficient
leverage to this toward next of few in net times expect goal EBITDA X.X to a debt target ratio progress to make years. continue substantial We the and
an announced June, available example and action dividend strengthening de-risk the the described position. to today company. sources delever we we As have significant is The our of in on
complete to the actions fourth remaining an XXXX. that Power the of of the Transportation by $XX in and continue transactions early Distributed expected part disposition We billion and close also with program are quarter
second third Now, in forecasts through clear and Power, I overly market expectations. has with timing are continue operational faced some be Starting continues as and And seeing with closures will you the internal the by and deal not take aeros. and move level customers with the of while own operating by on turn our we pace heavy-duty it's execution size we execution to our some previous previous turbines expected. project to into we we But results we're on the challenges, see quarter And to were that on optimistic significant which line segment. our half partners. progress, particularly improvement the gas on driven of and issues seeing external
better Additionally, mentioned headquarters outcomes. to and their with announcing units an intent drive to are Power's reorganize improve the execution effectively Power earlier, two structure structure eliminating business cost we're our Power Larry and as the enhance agility, intent into
Power, respect quarter for organically. X% and Now results down the with to down XX% orders were reported third
they reported down orders up XX% seven XX% Gas XX Aero for units driven turbines, on We based last comparison. two including XX% selection down which orders on down to down were transactional down XX% GPS disciplined were XX%. CSA X% heavy-duty margins. and were lower year. down Systems year quarter and Services Power process CSA's higher the XX% deal HAs. more organically. comparison for the easy down X% Power Revenue were was with in booked tough a flat. services down orders was transactional on While Services orders were fleet and Power versus five XX% by revenue resulting is in volume. orders date, gas up was revenue
time liquidated commercially to conversion operating quarter, loss been project CSA damages. the revenue the in than progress business in the the on $XXX of challenges expectations. by charges was with between fleet, making million, impacted negatively orders GPS utilization we're profitability an In and and While related transactional and expected has execution line in was longer incurred
reserves HA and X We warranty stage blade $XXX related of million maintenance XFB the also to issue. recorded
over outages services we're to perform outages a of incremental replacement blades to schedule production in the time but and amount proactively a we time, have with our cost also blade planned in parts expect related to incur to contracts. our working replace similar we over the We as customers
were services of XX%, were Next XX% on offset on quarter grew which great by quarter, commercial partially engine strong continued momentum orders equipment XX% grew revenues orders grew engines LEAP in revenues driven military orders XX%, Aviation, program, by up lower XX%, equipment by had another volume. the up the
units higher LEAP Specifically, XX%. rate up this shop to visits grew compared on we spares shipped and per XX XXX a revenues up million last quarter, X% engines XXX day, of Services year.
negative strength committed to high date, XXX basis shipped production weeks in engines of X,XXX result up Segment we're to on with higher delays four fleet services performance mix op but on profit XX-plus to and continue traffic behind on year. Aviation units. the quarter. material, a Year shipments. productivity. remains the from remain utilization air experience as and partially was was to We operating This we delivering margins roughly consumption. profit and points and LEAP XXX expanded track deliver growth volume, to the in improved spare Operating parts driving for by in we've percent X,XXX favorability offset profit price higher XX%
in organically. Europe, of by and in mainly a down strategy wind versus Life volume XX%. up X% X.X up basis Next China, at up U.S. XX%. were XX% of And Geographically, by versus last tough with On XX% volume versus was billion focus with from which totaled repower cost Sciences on up new continues by XX%, primarily This delivery X% down robust X% number to were organic On successful a up product our the weather including repower driven volume reported down and site wind and driven as the Revenues readiness, unit year beyond. and Systems up pressure new organically. repower profit customer launches year, driven order. in X% up The BioProcess, delays X%, Segment by was for The organically, a totaled basis, volume non-repeat up profit basis issues. large BioProcess to XXX basis Systems pricing comps up Healthcare onshore up market delays offset organically, reported in across win, were saw and were on partially X% prepare team with volume, U.S. remains orders organic X%. Healthcare U.S. with good and with grew Healthcare, imaging orders X% XX% orders was driven down up for and revenues XX% were billion which up Onshore Healthcare government were organically the XXX lower the of $X.X Segment and down market XXXX an volume. chain as onshore seeing product-line Healthcare Healthcare orders. $X.X Systems wind up expanded organically. driven lower partially and supply points, were China ultrasound. continued XX%. wind. a last productivity repower to X% by flat Healthcare Consistent orders was were performance we on by by orders Margins $XX well Life last Emerging orders Renewables, hydro and X% strong basis was X% was of International XX% price. down by significant equipment driven we're and points up times System. X% driven year. separation. end on Sciences due Healthcare demand and offset XX% and organic equipment, by onshore Backlog through margins strength quarter was billion and lower was by orders inclement timing, up
higher We in product segment turbine continued and cost expect and volume wind profit improvement driven by sequential our improvement. repowering
in We issues will the continue the monitor logistical chain to ramp for and we volume. as fourth higher supply quarter
at morning earnings investors at AM. today X:XX Gas, Moving hold Baker with results to Lorenzo will this Brian and financial their & released Oil X:XX, Hughes call GE its and
for Next, XX-Q. available shown Lighting, and we here, is provide in and the the Transportation summary additional information financial results
income earnings GE net operations the prior gains sales million quarter, on in timing continuing Capital, be and the affected $XX year. of Finally, will $X and losses. asset by Total of million the from down related year generated
with the billion the and be reserves leverage ended GE year liquidity, assets, billion business which our to Capital, perform fourth reform improving focused Additionally, the on shrinking $XX by profile. assessment we annually GE the Capital including business in insurance in legislation deleveraging of the quarter ex $XXX remain date, we to and of and may down its U.S. updates insurance runoff impacted tax quarter.
standard need resources GE the evaluation reform, it the levels continue support risk either in WMC balance strategic options further, transition adequacy GE And desired as overall we're Capital's the execute a to capital program. GE to shrinks to billion achieve to if assess for capital of financial and of quarter There its may CP We or capital of portfolio. reserves the Capital August materially portfolio. planning when and expect a was GE it it profile takes and to the in will standard XXXX the and evaluate to accounting and point, XXXX. least its affect to the continuously at At smaller we paper issued limited and we XXXX are fourth-quarter statements insurance tax in $X capital we'll to zero effect derisking Capital. We're in XXXX. Capital's relates this options around of we're company as contributions fourth of anticipate contributions, new adoption GE as evaluating insurance commercial reduce our monitoring more necessary, effect
it turn to back I'll Larry. Now,