Revenue flow

Margins

Stage	HWM	% of rev	GE	% of rev	Gap · A − B
Revenue	$2.7B	100.00%	$14.1B	100.00%	GE ×5.22
Gross profit	$1.0B	37.11%	$5.0B	35.57%	HWM +1.5pp
Operating income	$777M	28.75%	$2.6B	18.45%	HWM +10.3pp
Pre-tax income	$721M	26.67%	$2.8B	19.87%	HWM +6.8pp
Net income	$567M	20.98%	$2.3B	16.26%	HWM +4.7pp

Stage	HWM	GE	Gap · A − B
Revenue	$2.7B100.00%	$14.1B100.00%	GE ×5.22
Gross profit	37.11%$1.0B	35.57%$5.0B	HWM +1.5pp
Operating income	28.75%$777M	18.45%$2.6B	HWM +10.3pp
Pre-tax income	26.67%$721M	19.87%$2.8B	HWM +6.8pp
Net income