GE Vernova has revealed its financial performance in its three business groups – power, wind and electrification – during 2024.
GE Vernova’s Power
In the fourth quarter of 2024, GE Vernova’s Power division saw orders of $6.6 billion, up 24 percent organically, primarily driven by Gas Power equipment and Hydro. Service orders were down 6 percent due to tough comparisons with a strong prior year.
GE Vernova’s Power revenue reached $5.4 billion, a decrease of 3 percent, but increased by 2 percent organically, with Power services growth and higher heavy-duty gas turbine deliveries offsetting lower aeroderivative shipments. The segment’s EBITDA was $0.8 billion, with a margin of 14.9 percent, a 60-basis point improvement, driven by strong performance in Gas Power services, productivity, and pricing.
For the full year 2024, GE Vernova’s Power division’s orders totaled $21.8 billion, a 28 percent increase, driven by high demand for Gas Power equipment and a 10 percent growth in Power services. Revenue for the year was $18.1 billion, an increase of 4 percent, or 7 percent organically, led by Gas Power. The segment’s EBITDA for the year was $2.3 billion, with a margin of 12.5 percent, reflecting a 260-basis point improvement, driven by the strength of services, more profitable equipment sales, and continued productivity gains.
GE Vernova’s Wind division
In the fourth quarter of 2024, GE Vernova’s Wind division experienced orders of $2.0 billion, a decrease of 41 percent organically, mainly due to a large U.S. Onshore Wind order in the same period the previous year.
GE Vernova’s Wind division revenue rose to $3.1 billion, an increase of 20 percent, or 21 percent organically, driven by higher Onshore Wind equipment deliveries and price adjustments, partially offset by a decline in Offshore Wind. The division’s EBITDA was modestly profitable, with a margin of 0.6 percent, a significant improvement of 1,180 basis points, largely due to Onshore Wind’s strongest quarter in three years and reduced losses in Offshore Wind.
For the full year, GE Vernova’s Wind division orders were $7.1 billion, down 38 percent organically, due to lower Onshore Wind equipment orders.
GE Vernova’s Wind division revenue was $9.7 billion, a decrease of 1 percent both on a U.S. GAAP and organic basis, primarily impacted by Offshore Wind. The segment reported an EBITDA loss of $0.6 billion, with a margin of -6.1 percent, though this marked an improvement of 440 basis points, or 380 basis points organically, primarily driven by better performance in Onshore Wind.
GE Vernova’s Electrification division
In the fourth quarter of 2024, GE Vernova’s Electrification division saw orders of $4.8 billion, a 122 percent increase organically, driven by higher demand for grid equipment and services. Revenue reached $2.2 billion, up 11 percent, or 12 percent organically, led by increased volume and pricing at Grid Solutions. The division’s EBITDA was $0.3 billion, with a margin of 13.0 percent, a significant improvement of 440 basis points, or 500 basis points organically, due to higher volume, price, and productivity.
For the full year, the division reported orders of $15.7 billion, an increase of 19 percent organically, spurred by strong demand for grid equipment and Electrification services. Revenue for the year totaled $7.5 billion, an 18 percent increase, both on a U.S. GAAP and organic basis, driven by Grid Solutions. The segment’s EBITDA was $0.7 billion, with a margin of 9.0 percent, reflecting a 530-basis point improvement, or 520 basis points organically, primarily due to higher volume, price, and productivity.