GE Vernova Inc

GEV

Equity

ISIN US36828A1016 / Valor 133262491

New York Stock Exchange, Inc (2024-11-21)

USD 339.85-0.85%

GE Vernova Inc
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About company

GE Vernova Inc., a subsidiary of General Electric, operates within the energy sector, focusing on the development and maintenance of power generation technologies. The company boasts a significant presence in the global energy market, with approximately 54,000 wind turbines and 7,000 gas turbines under its management. These assets contribute to generating about 25% of the world's electricity, positioning GE Vernova as a key player in the ongoing global energy transition. The company's portfolio underscores its pivotal role in both renewable and conventional energy sectors, highlighting its expertise in harnessing wind power and its continued involvement in gas turbine technologies. Through its extensive technology base, GE Vernova is at the forefront of addressing the world's growing energy needs while navigating the complexities of the energy landscape.

Summarized from source with an LLMView SourceSector: Technology

Revenue Growth

In the first quarter of 2024, GE Vernova Inc. reported a revenue increase to $7.3 billion, marking a 6% rise from the previous year, with organic growth contributing 5%. This growth was primarily driven by the Electrification and Power segments, highlighting the company's expanding influence in these areas.

Net Income Details

GE Vernova Inc. experienced a net income loss of $0.1 billion in Q1 2024, which still reflects a $0.2 billion improvement compared to the previous year. The net income margin was reported at -1.5%, showing a significant improvement of 360 basis points over the prior year.

Orders and Backlog

During the first quarter of 2024, GE Vernova Inc. maintained steady orders totaling $9.7 billion, with a slight organic decrease of 1%. Despite this, the company's backlog continued to grow, supported by strong market demand and operational improvements.

Segment Performance

GE Vernova Inc.'s Power segment showed robust performance with orders worth $5.0 billion, up 24% organically, driven by increased demand for HA and Aeroderivative gas turbine equipment. The Wind segment, however, saw a decrease in orders by 40% organically, affected by delays in siting and permitting processes.

Financial Outlook

GE Vernova Inc. reaffirmed its financial guidance for 2024, projecting revenues between $34 billion and $35 billion and aiming for an adjusted EBITDA margin at the higher end of the mid-single digits. The company also anticipates cash from operating activities to be between $1.5 billion and $1.9 billion, with free cash flow expected to be between $0.7 billion and $1.1 billion.

Summarized from source with an LLMView Source

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