Annual report shows GE is slightly leaner and more diverse – The Daily Gazette

BOSTON — General Electric on Friday released annual reports on its performance in 2021 with a wide range of metrics.
Year-end financial results, as previously reported, were not great. Other metrics show progress in the company’s commitment to increasing diversity, the continued reduction of the company’s workforce, and the closing or divesting of more factories.
CEO H. Lawrence Culp Jr. said decisions made in 2021 put GE in a strong position for 2022 as the 130-year-old conglomerate prepares to split into three separate companies. Healthcare is expected to separate in early 2023 and Aviation in early 2024. Also in early 2024, Energy, Digital and Renewables will separate into a single entity.
“Our employees are critical to the success of these companies, and we will provide them with industry-leading opportunities and incentives to advance their careers,” Culp said in GE’s annual report. “We are fortunate to have experienced leaders in place, already hard at work executing this planned transformation and helping each of these companies succeed from day one.”
GE stock closed at $96.83 per share on Friday.
Here are some statistics reported Friday that compare General Electric from 2021 to 2020:
- 168,000 total employees worldwide at the end of 2021, compared to 174,000 at the end of 2020
- 55,000 American employees, compared to 56,000
- 5,750 workers represented by a union in the United States, compared to 5,990
- 32,000 GE Power employees worldwide, compared to 34,000
- 71 manufacturing plants in 26 states and Puerto Rico, compared to 82 plants in 28 states and Puerto Rico
- 130 factories in 33 other countries, compared to 149 factories in 34 other countries
- $74.2 billion in total revenue, down from $75.83 billion
- Net loss of $6.76 billion vs net profit of $5.23 billion
- $16.9 billion in revenue for GE Power, up from $17.59 billion
- Segment profit of $726 million for GE Power, compared to $274 million previously
- $819 million spent on downsizing, plant closures and restructuring, compared to $1.25 billion
- $369 million in restructuring costs for GE Power, most of all GE businesses, from $236 million
- $3.69 billion in research and development spending, compared to $3.82 billion
- 24.2% of U.S. employees are members of a racial or ethnic minority, up from 24.1% previously
- 20.5% of leadership positions in the United States are held by minorities, compared to 18.8%
- 3.7% of US employees have a disability and 10.7% are veterans
- 99% of women and men doing similar work have equal pay
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