Annual report shows GE slightly leaner, more diverse

The main gate at General Electric in Schenectady in 2018.

The main gate at General Electric in Schenectady in 2018.

BOSTON — General Electric on Friday released annual reports tracking its 2021 performance with a wide array of measures.

The year-end financial results, as previously reported, were not great. Other metrics show progress in the company’s commitment to increasing diversity, continued shrinkage in the company’s workforce, and closure or divestiture of more factories.

CEO H. Lawrence Culp Jr. said decisions made in 2021 have put GE in a strong position for 2022, as the 130-year-old conglomerate prepares to break into three separate companies. Healthcare is scheduled to spin off in early 2023 and Aviation in early 2024. Also in early 2024, Power, Digital and Renewable Energy will spin off as a single entity.

“Our employees are essential to the success of these businesses, and we will offer them 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 at work to execute this planned transformation and stand up each of these businesses for success on day one.”

GE stock closed at $96.83 per share Friday.

Here are some statistics reported Friday that compare General Electric in 2021 to 2020:

  • 168,000 total employees worldwide at the end of 2021, down from 174,000 at the end of 2020
  • 55,000 U.S. employees, down from 56,000
  • 5,750 union-represented workers in the United States, down from 5,990
  • 32,000 worldwide employees of GE Power, down from 34,000
  • 71 manufacturing plants in 26 states and Puerto Rico, down from 82 plants in 28 states and Puerto Rico 
  • 130 plants in 33 other countries, down from 149 plants in 34 other countries
  • $74.2 billion in total revenue, down from $75.83 billion
  • $6.76 billion net loss vs. $5.23 billion net profit
  • $16.9 billion in revenue for GE Power, down from $17.59 billion
  • $726 million segment profit for GE Power, up from $274 million
  • $819 million spent on workforce reductions, plant closures and restructuring, down from $1.25 billion
  • $369 million in restructuring costs for GE Power, the most of any GE business, up from $236 million 
  • $3.69 billion in research and development spending, down from $3.82 billion
  • 24.2% of U.S. employees are members of a racial or ethnic minority, up from 24.1% 
  • 20.5% of U.S. leadership positions are held by minorities, up from 18.8%
  • 3.7% of U.S. employees have a disability and 10.7% are veterans
  • 99% of women and men doing similar work have equal salaries

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One Comment

“24.2% of U.S. employees are members of a racial or ethnic minority, up from 24.1% ” how do employees obtain memberships, invite only ?

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