GE Aerospace Wins Orders From EVA Air And American Airlines: Details
GE Aerospace (NYSE:GE) shares are trading lower today. The company revealed that EVA Air, following its recent order for four Boeing 787-10 Dreamliners, has also ordered GEnx engines for their new aircraft.
Introduced in 2011, the GEnx engine family has amassed over 56 million flight hours and is GE Aerospace’s fastest-selling high-thrust engine with nearly 3,000 units in service or backlog.
GE Aerospace announced that American Airlines Group, Inc. (NASDAQ:AAL) had finalized an order for 180 CF34-8E engines and spares to power its 90 new Embraer 175 regional jets.
With over 7,500 CF34 engines in use by 900+ operators worldwide, the CF34-8E has logged over 40 million flight hours and 29 million cycles since 2004. The CF34 family, including -3, -8, and -10 models, powers over 2,500 regional aircraft.
GE Aerospace has delivered nearly 11,000 CF34 engines, boasting a 99.97% dispatch reliability rate over the past year and compatibility with approved SAF fuel blends.
Yesterday, GE Aerospace reported second-quarter 2024 adjusted revenue growth of 4% year-over-year to $8.22 billion, missing the consensus of $8.462 billion.
The company witnessed total orders growth of 18% Y/Y to $11.2 billion, with Commercial Engines & Services +38% and Defense & Propulsion Technologies -25%.
Also, this week, GE Aerospace teamed up with Oak Ridge to enhance supercomputing for next-gen aircraft engine tech like Open Fan.
The company plans to hire over 900 engineers in 2024 to drive innovation and support both current engine programs and future flight technologies.
Investors can gain exposure to the stock via IShares U.S. Aerospace & Defense ETF (BATS:ITA) and TCW Transform Systems ETF (NYSE:NETZ).
Price Action: GE shares are trading lower by 0.18% at $171.69 premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.