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- Given the quality and execution challenges you've experienced in offshore wind this quarter, can you provide more details on the specific steps you're taking to address these issues and ensure they won't impact future performance?
- With the significant increase in gas turbine orders, especially from hyperscalers, how confident are you in your supply chain's ability to meet this rising demand, and are there any potential bottlenecks that could hinder your capacity expansion plans?
- You recently sold a 16% stake in GE Vernova T&D India, highlighting a strategy to monetize assets when opportunities arise. How does this approach align with your long-term growth objectives, and could further divestments potentially weaken your competitive position?
- Electrification achieved a 24% revenue increase this quarter with growing backlog. Do you have sufficient capacity to support this continued growth, and are you facing any constraints in scaling up production without significant capital expenditure?
- Historically, your Power segment reached high-teens to low-20s EBITDA margins during prior growth cycles. Considering the current market dynamics and pricing environment, do you anticipate returning to those margin levels, and what factors might impede achieving this?
Recent developments and announcements about GEV.
Financial Reporting
- Record orders: $13.2 billion, up 22% organically, driven by Power and Electrification equipment.
- Record revenue: $10.6 billion, up 5% overall and 9% organically.
- Net income: $0.5 billion, an increase of $0.3 billion, with a net income margin of 4.6% (+260 basis points).
- Adjusted EBITDA: $1.1 billion, with an adjusted EBITDA margin of 10.2%.
- Free cash flow: $0.6 billion, down $1.1 billion due to lower customer down payments and improved linearity.
- Orders: $44.1 billion, up 7% organically, led by Power and Electrification equipment and services.
- Revenue: $34.9 billion, up 5% overall and 7% organically.
- Net income: $1.6 billion, an increase of $2.0 billion, with a net income margin of 4.5% (+590 basis points).
- Adjusted EBITDA: $2.0 billion, with an adjusted EBITDA margin of 5.8%.
- Free cash flow: $1.7 billion, up $1.3 billion year-over-year.
- Cash balance: $8.2 billion, up from $7.4 billion in Q3 2024 and $4.2 billion at the time of the spin-off in April 2024.
- Orders: $21.8 billion, up 28% organically, driven by Gas Power equipment and double-digit services growth.
- Revenue: $18.1 billion, up 4% overall and 7% organically.
- Segment EBITDA margin: 12.5%, up 260 basis points.
- Secured a major contract for the Net Zero Teesside Power project in the UK, the world’s first gas-fired power station with carbon capture and storage.
- Orders: $7.1 billion, down 38% organically, due to lower Onshore Wind equipment demand.
- Revenue: $9.7 billion, down 1%.
- Segment EBITDA: Losses improved by $0.4 billion, with Onshore Wind delivering its most profitable quarter in three years.
- Orders: $15.7 billion, up 19% organically, driven by grid equipment and services demand.
- Revenue: $7.5 billion, up 18% overall and organically.
- Segment EBITDA margin: 9.0%, up 530 basis points.
- Declared a $0.25 per share quarterly dividend, payable on January 28, 2025.
- Approved a $6 billion share repurchase authorization, with $3 million worth of shares repurchased in December 2024.
- Reaffirmed 2025 financial guidance, targeting revenue of $36-$37 billion, high-single-digit adjusted EBITDA margin, and free cash flow of $2.0-$2.5 billion.
Earnings Report
·
Jan 22, 2025, 11:36 AM
GE Vernova (GEV) Fourth Quarter and Full Year 2024 Earnings Results
GE Vernova has released its fourth-quarter and full-year 2024 financial results as of January 22, 2025. Below are the highlights:
Fourth Quarter 2024 Highlights
Full Year 2024 Highlights
Segment Performance
Power
Wind
Electrification
Key Updates
CEO Statement
Scott Strazik, CEO of GE Vernova, highlighted the company’s strong foundation in 2024, emphasizing growth in Power and Electrification, improved margins, and the role of GE Vernova in the energy transition.
For more details, visit GE Vernova’s investor relations page.