GE Vernova has revealed its main achievements and financial performance during the second quarter ending June 30, 2024.
GE Vernova has reported revenue of $8.2 billion (up 1 percent) and net income of $1.3 billion with net income margin of 15.6 percent.
GE Vernova’s CEO Scott Strazik said: “Electrification and decarbonization trends continue to drive demand for our products and services. Our lean operating model is focused on improving safety, quality, delivery and cost as we execute for our customers and innovate breakthrough energy transition technologies.”
GE Vernova orders fell 7 percent to $11.8 billion, primarily due to a large Offshore Wind equipment order in the second quarter of last year that was canceled in the fourth quarter. GE Vernova did not reveal the name of the client.
Services orders increased double-digits, led by Power and Electrification.
Power
Orders increased 30 percent to $5 billion from Gas Power and Hydro Power equipment and double-digit services order growth.
Revenues increased +8 percent to $4.5 billion, led by higher Gas Power services and equipment. GE Vernova has commissioned its one hundredth HA gas turbine. Its global installed H-Class capacity has reached more than 53 gigawatts.
Wind
Orders fell 44 percent to $2.2 billion, primarily driven by the large Offshore Wind order in the second quarter of last year and slightly lower Onshore Wind orders.
Revenues dropped 21 percent to $2.1 billion, from lower Onshore Wind deliveries. GE Vernova booked 1.8GW of wind turbine orders, including repowering, while continuing to implement selectivity, lean and pricing.
Electrification
Orders decreased 5 percent to $4.8 billion.
Revenues increased 19 percent to $1.8 billion with strength in Grid Solutions and Power Conversion equipment.
GE Vernova secured a major order from Sonelgaz, through the GE Algeria Turbines (GEAT) joint venture, for high voltage grid equipment and solutions for 134 substations in Algeria by 2028.
GE Vernova completed the sale of part of its Steam Power nuclear activities to Electricite de France (EDF).
GE Vernova invested $0.2 billion in capital expenditures to prepare for outages and increase capacity in Power and Electrification.
GE Vernova funded $0.2 billion in research and development (R&D) spending to continue advancing breakthrough energy transition technologies.
GE Vernova is raising its 2024 financial guidance and now expects revenue to trend towards the higher end of $34-$35 billion and adjusted EBITDA margin of 5 percent-7 percent, up from the higher end of mid-single digits.
Baburajan Kizhakedath