GE Vernova swung to a profit last quarter and beat revenue estimates, as orders for its power and electrification equipment soared.
Earnings per share were US$1.64, rising from a loss of $0.35 one year ago. Revenue was $9.97 billion, up 12% and above FactSet estimates of $9.15 billion.
“GE Vernova delivered another productive quarter with strong financial results. Our growth trajectory is accelerating and the demand environment for our equipment and services remains strong with $16 billion in backlog growth year-to-date,” said GE Vernova CEO Scott Strazik.
“We are leading from a position of strength and are focused on long-term growth and returns. This era of increased electricity investment has just started, and we have substantial opportunity ahead of us as we provide the solutions required to help the world electrify to thrive and decarbonise.”
Total orders climbed by 55% on an organic basis, reaching $14.6 billion.
Orders for its Power business were up 50% to $7.8 billion, led by a spike in gas power equipment orders. The segment’s revenue rose by 15% to $4.8 billion.
Electrification orders also surged by 102% to $5.1 billion, which the company credited to strong demand for grid equipment. Revenue increased 35% to $2.6 billion.
GE Vernova’s Wind business recorded a 4% increase in orders to $1.8 billion, though revenue fell by 8% to $2.6 billion as the company settled a cancelled offshore wind project.
Its full-year guidance projects revenue at the higher end of $36-37 million. It expects 6-7% revenue growth for Power, around 25% revenue growth for Electrification, and a high single-digit percentage revenue drop for Wind.
The company said this month that it would buy the remaining 50% stake in transformer manufacturer Prolec GE, its joint venture with Xignux. The purchase is set to close by mid-2026.
GE Vernova’s (NYSE: GEV) share price closed at $576.00, down from its previous close at $585.33. Its market capitalisation is $156.91 billion.
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