GE Vernova reports fourth quarter and full year 2024 financial results

GE Vernova Inc. a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the fourth quarter and full year ending December 31, 2024.

“GE Vernova built a strong foundation in 2024 with solid orders and revenue growth, as well as significant margin expansion and cash generation. We saw strength in Power and Electrification and improvement in Wind, while growing our equipment backlog at better margins,” said GE Vernova CEO Scott Strazik. “Our progress reinforces the important role we play in electrifying and decarbonizing the world as we deliver on accelerating demand for our equipment and services. Our lean culture is driving operational improvement across safety, quality, delivery, and cost. As we enter 2025, I’m grateful for our team’s dedication and optimistic about the future as we continue creating value for our stakeholders.”

In 2024, GE Vernova orders of $44.1 billion increased +7% organically, with robust equipment growth in Power and Electrification and double-digit services growth in each segment. Revenue of $34.9 billion was up +5%, +7% organically*, driven by higher services and equipment volume, with positive price in all segments. Margins expanded significantly from higher volume, price, and productivity, more than offsetting inflation. Cash flow improved by over $1 billion year-over-year, primarily from adjusted EBITDA* growth.

In the fourth quarter of 2024, GE Vernova:

• Achieved fatality-free operations, which remains a top priority.
• Declared a $0.25 per share quarterly dividend, payable on January 28, 2025 to shareholders of record as of December 20, 2024.
• Approved an initial $6 billion share repurchase authorization, with 8,000 shares repurchased in late December 2024 for approximately $3 million.
• Monetized an incremental 8% ownership stake in GE Vernova T&D India Limited and a 3% ownership stake in China XD Electric Co Ltd., both part of the Electrification segment, resulting in approximately $0.6 billion of pre-tax proceeds.
• Invested $0.3 billion in capital expenditures including initiatives to expand capacity in Power and Electrification.
• Funded $0.3 billion in research and development (R&D) spending to advance breakthrough energy transition technologies.
• "We had a strong finish to 2024 as we execute our strategy to deliver disciplined revenue growth with increased profitability and positive cash generation. In the fourth quarter, we achieved record orders and revenue, and expanded margins in each segment,” said GE Vernova CFO Ken Parks. “We closed the year with over $8 billion in cash, driven by positive free cash flow and several value-accretive portfolio actions. We will invest in growth and innovation, while returning capital to shareholders and maintaining our investment grade balance sheet. Today, we are also reaffirming our 2025 financial guidance.”

Contacts:

GE Vernova:

Adam Tucker
Director of Financial Communications
[email protected]
+1 518 227 2463

Investor inquiries:

Michael Lapides
Vice President of Investor Relations
[email protected]
+1 617 674 7568

Source: GE Vernova