GE Vernova Turns To Profit In Q2; Lifts FY24 Outlook

(RTTNews) - Energy company GE Vernova Inc. (GEV) reported Wednesday that its second-quarter net income was $1.28 billion, compared to prior year's loss of $149 million.

Earnings per share were $4.65, compared to loss of $0.55 per share a year earlier.

Total revenues grew 1 percent to $8.20 billion from last year's $8.12 billion. Revenue was up 2 percent organically, driven by continued strength in Electrification and Power and positive price in all three segments.

In the second quarter, GE Vernova orders of $11.8 billion decreased 7 percent organically.

Looking ahead, GE Vernova raised its 2024 financial guidance and now expects revenue to trend towards the higher end of $34 billion to $35 billion and adjusted EBITDA margin of 5 percent to 7 percent, up from the higher end of mid-single digits.

In pre-market activity on the NYSE, GE Vernova shares were gaining around 2.4 percent to trade at $174.50.

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