Delivering Value for Stakeholders
Today, GE Vernova reported its second quarter 2024 earnings results . Our results demonstrate that we are executing our financial strategy to drive disciplined growth, margin expansion, and higher free cash flow*.
We delivered a strong quarter, with EBITDA margin expansion across all segments and a substantial improvement in free cash flow*. Our Power segment delivered growth with equipment and high margin services orders, and revenue. In Wind, we are encouraged by the operational improvements our teams are making with positive price and continued cost reduction, resulting in margin expansion. Electrification is our fastest growing segment where profitable growth continues as customers modernize and invest in products – such as transformers and switchgears – that are key to ensuring a reliable electricity system and connecting new generation sources.
Given our strong first half performance and momentum in our Power and Electrification segments, we are raising our full year 2024 guidance.
At GE Vernova, global electrification and decarbonization trends continue to drive demand for our products and services. For example, in the quarter, we delivered for our stakeholders by commissioning our one hundredth H-Class gas turbine and securing a major order for grid equipment and solutions in Algeria . In addition, we are leveraging our lean operating system, focused on improving safety, quality and delivery and cost, as we execute for our customers and innovate breakthrough energy transition technologies. With the combination of macro trends and operational improvements, we see a clear opportunity to deliver substantial value for our stakeholders.
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Overall, I am proud of our strong financial results in the second quarter and thank our ~75,000 GE Vernova employees for their dedication.
#FutureofEnergy #EnergyTransition #GEVernovaProud #SecondQuarter2024Results? #GEVernova Results
*Non-GAAP Financial Measure. The reasons we use non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures can be found within GE Vernova’s second quarter 2024 earnings materials posted to www.gevernova.com/investors .
gerenete general en ditec proyectos sac
3 个月Excelentes resultados para nosotros que somos canales y partner de GE nos motiva que los resultados los acompa?en felicitaciones que sigan los éxitos?
Founder at ESGS | Leading Sustainable Manufacturing Solutions
3 个月Scott Strazik , excellent work. Its been a pleasure watching GE Vernova be a market leader on the discussion of #industrialdecarbonization through the #developmentofsolutions! Or, in my particular case, seeking ROR or PSH OEMs for an ASAP PILOT Opp in NA. Know of anyone? #hydro #reuse #quarrytime Dan Jaffee Aaron Christiansen Terry W. Himes Andrew Kennedy Roger R. Chuck Barton James Dougherty Gillian Black Gillian Marcelle, PhD Heather Hage Deborah Hagar Clay Charlesworth
Operational Director
3 个月Great news!
CAD Manager at DLZ Corporation
3 个月How much of your success is from government funding ?
Chairman & Principal at CEO Solutions, Inc.
3 个月So glad to hear about the success GE Vernova is having. Great leadership always wins over “pruning the business..!!” I am a shareholder for all three GE stocks, and can exciting things happening at all three GE Companies. I have been following GE since the 1970’s when as GE customer - Allegheny Power, I had my picture on the cover GE’s Electric Forum” magazine and an article inside. My work for the electric utility industry - both vendors and customers nationwide - to recognize and adopt total owning cost methodology for transformer procurement - The EEI Method - was successful in large part due to the support of The General Electric Compny. Thank you ??..!! All the best. ???