Rahul Ghai
Chief Financial Officer at General Electric
Thank you, Larry. Turning to slide four, I'll speak to the quarter on an organic basis. Overall, we delivered meaningful growth across our headline metrics. Orders were up double-digits with services up 15%, driven by commercial aerospace and equipment up 22%, with growth in all segments. Revenue increased 18%, benefiting from strong market demand, improved execution and pricing. Aerospace was led by commercial services and engines, renewables was led by Grid and Offshore and power from heavy-duty gas turbines and aero derivatives. All segments contributed to adjusted margin expansion of 760 basis-points. This included the absence of last year's wind related charges and the benefits of volume, price, net of inflation and productivity and continued investments in growth.
Adjusted EPS was $0.82, up almost $1 year-over-year. Excluding last year's Wind related charges, adjusted margin still expanded 400 basis points and EPS was up $0.59 or more than triple what we delivered last year. We generated $1.7 billion of free-cash flow, up roughly $1 billion, largely driven by earnings. Working capital was a positive $400 million flow, driven by disciplined receivables management, while inventory remained inflated due to continued supply chain challenges.
Year-to-date, free cash flow was $2.2 billion, up $2.5 billion reflecting higher earnings, reduced working capital and improved linearity.
Switching to corporate, results improved significantly due to Energy Financial Services gain on-sale from investments and higher interest income. Also as we prepare to reduce costs -- as we prepare to become standalone businesses, for the year, we now expect expenses in the $500 million range. At insurance, we completed our annual review of liability cash flow assumptions under the new accounting standard. This resulted in an immaterial adjustments to earnings, indicating claims experience is consistent with our models.
Given GE Aerospaces' strength and GE Vernova's improvement, we are raising full-year guidance and now expecting revenue growth of low-teens up from low-double-digits, adjusted EPS of $2.55 to $2.65, up $0.40 at the midpoint, largely from improvement in operating profit that we now expect to be in a range of $5.2 billion to $5.5 billion. And free-cash flow of $4.7 billion to $5.1 billion, up $550 million at the midpoint, largely from higher earnings and lower AD&A outflow.
Now spending a moment on each business, starting with GE Aerospace. Demand remains robust with GE and CFM departures growing mid-teens year-over-year. Orders were up 34% with strong growth in both equipment and services. Revenue was up 25%, led by commercial engines and services up 29% and defense growing 8%. Profit grew over $400 million or more than 30%. Notably, margins expanded 120 basis-points to reach 20.4%.
Higher services, volume and pricing net of inflation more than offset investments and adverse mix. In our commercial business, services strength continued to drive profit, with services revenue up 31% from volume, pricing and heavier work scopes. External spare parts were up more than 35% and internal shop visits grew 2%, with supply-chain constraints impacting growth.
Commercial Engines revenue grew 23% with LEAP deliveries up 12% year-over-year. We are now planning for a 40% to 45% increase in LEAP deliveries this year, down from our 50% target at the beginning of the year. We now expect OE revenue to grow low to mid 20s and services revenue to be up mid to high 20s for the year. In Defense, book-to-bill remained strong this quarter, again greater than 1 and 1.3 times year-to-date, highlighting the strong demand environment and quality of our franchisees.
Revenue grew high-single-digits, with strength in services and Edison Works offsetting lower unit deliveries. Based on GE Aerospace's year-to-date strength, we are raising revenue growth to the low 20s and profit to be about $6 billion, up roughly $1.2 billion year-over-year, with free-cash flow growth trending better than prior expectations.
Moving to GE Vernova, Lean along with better underwriting, selectivity and productivity is delivering stronger results we mentioned earlier at Grid and now Onshore. At renewables, orders grew again, up 3% this quarter and up more than 80% year-to-date to nearly $18 billion. Grid orders increased over 50% this quarter and while primarily in equipment business today, we're starting to grow grid services, that was up double-digits this quarter.
In Onshore, North American equipment orders for the quarter were up nearly 40% and year-to-date are up more than 2.5 times over prior year. The IRA continues to be transformative, establishing multi year US demand visibility for future growth. Internationally, Onshore orders were down meaningfully, but at better margins consistent with our strategy of greater selectivity. Revenue grew 14%, Grid increased with double-digit growth at each business. At Onshore, North American equipment growth was more than offset by lower repower and international equipment. At Offshore, revenue more than tripled year-over-year and grew sequentially with higher nacelle output.
Profit improved from our turnaround efforts. Excluding last year's elevated reserve, renewables margin still expanded roughly 600 basis-points, driven by continued price and productivity. Onshore and Grid margins expanded due to price and productivity and Grid margins also benefited from additional volume. For the year, Renewables now expects low-double-digit revenue growth. We are maintaining the guidance for significantly better year-over-year profit with Onshore and Grid improvement, more than offsetting the Offshore pressure.
Turning to Power, we delivered solid year-over-year revenue growth and margin expansion with seasonally lower outages. Equipment orders grew slightly as higher heavy-duty gas turbines more than offset lower aero derivative units. Services declined slightly as high-single digit growth in gas transactional services was offset by aero derivative and steam services. For the year, we still expect total services orders to grow low-single digits. Revenue grew 9%, largely on price and higher scope on heavy-duty gas turbine and aero derivative equipment. Services grew again up low-single digits. Profit grew roughly 60% with 200 basis-points of margin expansion, driven by higher-volume, pricing and productivity, which more than offset inflation pressure.
Year-to-date, power orders have grown low-single digits, revenue mid single-digits and margins have expanded over 100 basis-points. This was led by services including higher gas utilization up low-single digits, benefiting from a continued coal-to-gas switching. We also shipped nine HA units this year and now have more than 47 gigawatts of installed capacity, continuing to extend our HA services billings to $1 billion by mid-2020's. In the fourth quarter, Power is well-positioned for sequential profit growth from seasonally higher services volume.
For the year, Power continues to expect low-single digit revenue growth with better year-over-year profit. Taken together, for GE Vernova we are now expecting high single-digit revenue growth and profit improvement of over $800 million year-over-year at the midpoint. We are raising the low-end of our profit guidance, driven by both renewables and power and now expect negative $300 million to negative $100 million of operating profit, as we continue to expect flat to slightly improved free cash flow. Overall, we're really encouraged proving with Grid and Onshore that we can deliver better results. This combined with Power's continued strong performance will drive meaningful profit and cash flow improvement at GE Vernova next year.
And with that, let me turn it back to Larry.
