We are excited to share several updates with you since we hosted our first earnings as an independent company in late April. We’ve been busy meeting with investors and analysts, discussing how GE Vernova is well positioned to lead in the energy transition, expand margins and grow free cash flow*.
Rising electricity demand growth – whether from potential increases in manufacturing, industrial customers switching from fossil fuels, or emerging demand driven by AI and data centers – remains a key topic in our discussions with investors. As we’ve discussed, higher electricity demand could create opportunities for GE Vernova’s businesses given potential needs for incremental services and equipment to meet increased electricity usage levels.
Recent News & Updates
Last week, our CEO Scott Strazik presented at the Bernstein 40th Annual Strategic Decisions Conference in New York City. He discussed GE Vernova’s efforts to enable customers to drive electrification and decarbonization. Scott shared how we’re running our businesses with sustainability at our core, and with a lean operating system, to deliver for our customers and shareholders. Please watch the replay of the event here.
Additionally, we announced last week the completed sale of a portion of our Steam Power activities to EDF. GE Vernova will retain its nuclear services business in the Americas to drive a simpler, focused Steam Power business, as well as its GE Vernova Hitachi nuclear business providing fuels, services and reactors, including small modular reactor (SMR) technology.
CEO Scott Strazik said the following: “Completing this transaction is an important milestone for GE Vernova. I’d like to thank our teams for their efforts to bring this transaction to a successful conclusion. Going forward, GE Vernova plans to continue to be a best-in-class services partner for our other Steam Power customers and is focused on advancing the future of nuclear power with our small modular reactor technology.”
Upcoming Event
On Tuesday, June 18, 2024, at 9:10 AM ET, Scott Strazik will discuss demand catalysts and our strategy at the JP Morgan Energy, Power & Renewables Conference in New York City. We invite you to tune in to the webcast here.
For more information about GE Vernova and our businesses, please visit our dedicated Investor Relations website.
Thank you for your interest in GE Vernova’s journey,
Michael & team
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain, such as the expected demand for electricity, the opportunities for GE Vernova’s businesses that may result from that demand and the continued success of GE Vernova’s Steam Power business following the sale of a portion of its activities to EDF. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see here. We do not undertake to update our forward-looking statements.
Our website, as well as our LinkedIn and other social media accounts, contains a significant amount of information about us, including financial and other information for investors. We encourage you to visit these websites from time to time, as information is updated, and new information is posted.
*Non-GAAP Financial Measure. The reasons we use this non-GAAP financial measure and the reconciliation to its most directly comparable GAAP financial measure is included in our Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2024.