Today, GE Vernova released its first quarter 2024 earnings results after successfully launching as an independent, publicly traded company on April 2. We had a solid start to the year, with disciplined top line growth and significant margin expansion across all segments. We also reaffirmed our full year 2024 financial guidance for total company and our segments.
We encourage you to review the materials and listen to our earnings call, which starts at 7:30 AM ET.
Key total company financial highlights for first quarter 2024:
- Total orders of $9.7B with orders exceeding revenue, driving continued backlog1 growth
- Total revenue of $7.3B, +6%; +5% organically*, led by services growing +9%, +8% organically*
- Net income (loss) of $(0.1)B, +$0.2B; net income (loss) margin of (1.5)%, +360 bps
- Adjusted EBITDA* of $0.2B, +$0.3B organically*; adjusted EBITDA Margin* of 2.6%, +470bps organically*
- Cash from (used for) operating activities of $(0.4)B, +$0.3B; free cash flow* (FCF) of $(0.7)B, +$0.2B on improved earnings partially offset by increased working capital use
GE Vernova CEO Scott Strazik said, “We delivered solid results with significant margin expansion across each segment, and I am pleased with the progress we are making as an independent company following our April 2 spin-off from GE. The energy transition is a growing, exciting market and GE Vernova is well-positioned to lead. In 2024, we will continue to execute our strategy with sustainability, innovation, and lean at our core. With the combination of strong market demand and operational improvement in our businesses, we are electrifying and decarbonizing the world while delivering an attractive multi-year financial trajectory. I’m grateful to the entire GE Vernova team for their hard work to support our customers and stakeholders.”
GE Vernova CFO Ken Parks said, “With an encouraging start to the year, we are executing our financial strategy to deliver disciplined revenue growth with stronger profitability and free cash flow. We expect cash generation to improve meaningfully every quarter this year, in line with our typical seasonality. As we execute this strategy, we will focus on strategic capital allocation and remain committed to maintaining our investment-grade balance sheet.”
We’re pleased with our strong start as an independent company enabling electrification and decarbonization of the world. We thank you for your continued interest in GE Vernova and look forward to connecting with you during the second quarter.
Best,
Michael & team
*Non-GAAP Financial Measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our first quarter 2024 earnings release posted on our Investor Relations website at https://www.gevernova.com/investors.
1 Defined as remaining performance obligation (RPO)
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