Power And Electrification Propel GE Vernova's Q2 Performance, Wind Orders Lag, Guidance Raised
Portfolio Pulse from Akanksha Bakshi
GE Vernova Inc. (NYSE:GEV) reported Q2 2024 revenue growth of 1% YoY to $8.204 billion, missing the consensus of $8.259 billion. Despite strong performance in Electrification and Power, Wind orders lagged due to a large order cancellation. EPS improved significantly to $4.65 from $(0.55) a year ago. The company raised its full-year 2024 guidance.
July 24, 2024 | 12:56 pm
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GE Vernova Inc. (NYSE:GEV) reported Q2 2024 revenue growth of 1% YoY to $8.204 billion, missing the consensus of $8.259 billion. Despite strong performance in Electrification and Power, Wind orders lagged due to a large order cancellation. EPS improved significantly to $4.65 from $(0.55) a year ago. The company raised its full-year 2024 guidance.
GE Vernova's Q2 performance showed mixed results with strong growth in Electrification and Power segments but a significant decline in Wind orders due to a large order cancellation. The company raised its full-year guidance, indicating confidence in future performance. The stock traded slightly lower premarket, but the overall positive outlook and improved EPS suggest a likely short-term positive impact.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100