GE Vernova reported Q3 2024 revenues of $8.9 billion, an 8% increase year-over-year, while posting a net loss of $99 million. Total revenues were driven by growth in Power segment up 8% to $4.2 billion and Electrification segment up 22% to $1.9 billion, while Wind segment remained flat at $2.9 billion. Adjusted EBITDA increased to $243 million from $205 million last year.The company recorded $676 million in incremental contract losses during Q3 related to its Offshore Wind business due to execution timeline changes and quality issues. However, this was partially offset by a $300 million gain from settling a previously canceled project. Power segment showed strong performance with EBITDA up 78% to $499 million driven by higher Gas Power services volume and improved pricing.Looking ahead, GE Vernova maintained strong fundamentals with $117.7 billion in...Show More

GE Vernova reported Q3 2024 revenues of $8.9 billion, an 8% increase year-over-year, while posting a net loss of $99 million. Total revenues were driven by growth in Power segment up 8% to $4.2 billion and Electrification segment up 22% to $1.9 billion, while Wind segment remained flat at $2.9 billion. Adjusted EBITDA increased to $243 million from $205 million last year.The company recorded $676 million in incremental contract losses during Q3 related to its Offshore Wind business due to execution timeline changes and quality issues. However, this was partially offset by a $300 million gain from settling a previously canceled project. Power segment showed strong performance with EBITDA up 78% to $499 million driven by higher Gas Power services volume and improved pricing.Looking ahead, GE Vernova maintained strong fundamentals with $117.7 billion in total backlog, up 5% year-over-year. The company ended Q3 with $7.4 billion in cash and cash equivalents, bolstered by $639 million in proceeds from selling part of its Steam Power nuclear activities to EDF and $306 million from an arbitration refund. Management continues to focus on operational improvements while addressing challenges in the Offshore Wind business.