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MarketScreener Homepage  >  Equities  >  Nyse  >  General Electric Company    GE

GENERAL ELECTRIC COMPANY

(GE)
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General Electric : GE's F110 engine surpasses 10 million flight hours; F110 remains engine of choice for today's front-line missions

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09/17/2019 | 11:34am EDT

CINCINNATI - GE Aviation's F110 family of engines surpassed 10 million flight hours this month. Backed by a continuous infusion of new technology, the F110 remains the engine of choice around the world. It powers almost 70 percent of today's most advanced U.S. Air Force F-16C/D aircraft, as well as 86 percent of F-15s delivered globally in the last 15 years.

'Variants of our F110 engine family have been powering fleets around the world for more than three decades,' said Shawn Warren, vice president and general manager of GE's Large Combat & Mobility Engines division. 'The F110's cost-effective, high-performance operation, combined with its safety and reliability, increase mission capability rates and Warfighter readiness.'

The U.S. Air Force plans to replace their current F-15C fleet with the most advanced variant to date, Boeing's F-15EX. GE's F110-GE-129 engine is currently fully qualified for the F-15EX and ready to serve the U.S. Air Force Warfighter.

The U.S. Air Force originally procured the F110 engine in 1984 to power a majority of their F-16 fleet. The first GE-powered F-16s went into service in 1987. The F110 also powered the venerable F-14B/D Tomcat. In addition, many other nations around the globe have selected the F110 engine to power their F-16 fleets, as well as variants of the twin-engine F-15 fighter jet. The F110 powers F-16 fleets in Bahrain, Chile, Egypt, Greece, Israel, Oman, Turkey and United Arab Emirates and was recently selected by Bulgaria, Slovakia and Taiwan. The F110 powers F-15 fleets in Saudi Arabia, South Korea and Singapore and will power Qatar's F-15s starting in 2021. The F110 also powers Japan's F-2 indigenous fighter. To date, 3,400 F110 engines have been ordered worldwide.

Over the lifetime of the F110 engine family, GE has continuously worked to maximize the engine's performance, minimize maintenance costs, and increase its reliability and time on wing. The newest F110 variants have gone through GE's Service Life Extension Program (SLEP). SLEP hardware upgrades include highly successful three-dimensional aerodynamic technology derived from the CFM56* commercial engine family plus upgrades to the combustor and high-pressure turbine. The enhancements can help provide up to a 25 percent improvement in cost-per-flying hour, a 50 percent increase in engine cycle life, and a threefold increase in average time-on-wing.

In addition, GE provides engine overhaul support to the Air Force through a program called Pacer Phantom. The collaboration is part of the Air Force's Captains of Industry (COI) partnership, which uses supplier capability contracts to streamline the procurement process to meet customer needs.

ABOUT GE AVIATION

GE Aviation, an operating unit of GE (NYSE: GE), is a world-leading provider of jet and turboprop engines, components, integrated digital, avionics, electrical power and mechanical systems for commercial, military, business and general aviation aircraft. GE Aviation has a global service network to support these offerings and is part of the world's Digital Industrial Company with software-defined machines and solutions that are connected, responsive and predictive. For more information, visit us at http://www.ge.com/aviation. Follow GE Aviation on Twitter at http://twitter.com/GEAviation and YouTube at http://www.youtube.com/user/GEAviation.

CFM56 engines are produced by CFM international, a 50/50 joint company between Snecma (SAFRAN Group) and General Electric Company.

For more information, contact:

Dave Wilson DavidJon.Wilson@ge.com 206-660-4462

(C) 2019 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2019 116 B
EBIT 2019 10 700 M
Net income 2019 3 394 M
Debt 2019 43 743 M
Yield 2019 0,45%
P/E ratio 2019 20,5x
P/E ratio 2020 17,7x
EV / Sales2019 1,06x
EV / Sales2020 1,10x
Capitalization 79 765 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 10,78  $
Last Close Price 9,14  $
Spread / Highest target 53,2%
Spread / Average Target 17,9%
Spread / Lowest Target -45,3%
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H. Lawrence Culp Chairman & Chief Executive Officer
Jamie S. Miller Chief Financial Officer & Senior Vice President
Victor Abate Chief Technology Officer & Senior Vice President
James J. Mulva Independent Non-Executive Director
William Geoffrey Beattie Independent Director
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