GEV is the electric part of the old General Electric. They estimate their equipment is involved, one way or another, in 30% of the world's electricity production. The stock represents one of the class acts of infrastructure and has been popular of late, what with the A. and the I. and all that. Here's six months of that popularity via TradingView:
Up 77.82% over the period, down 1.65% (-$4.55) today. $271.86 last.
A quick wrap-up from Benzinga, October 23, 8 AM:
Zinger Key Points
- GE Vernova reported $8.913 billion in revenue for Q3, beating consensus estimates with 10% organic growth.
- Orders grew 17% organically, driven by services and Power segment, but EPS remained negative at $(0.35).
GE Vernova shares are trading lower in premarket after the company reported mixed third-quarter results.
The company reported revenue growth of 8% year-over-year to $8.913 billion and +10% YoY organically, beating the consensus of $8.783 billion.
“GE Vernova had a solid third quarter, delivering double-digit orders and continued revenue growth with services strength across all segments, significant margin expansion in Power and Electrification, and substantial cash generation,” commented GE Vernova CEO Scott Strazik.
Orders totaling $9.4 billion increased 17% organically, driven by services growth of +28 % organically, with strength across all segments, and equipment growth in Power and Electrification.
Loss per share for the quarter stood at $0.35, compared to a $0.62 loss a year ago, missing the EPS consensus of $0.32. Net loss narrowed to $99 million from $185 million loss last year.
Adjusted EBITDA margin expanded by 20 bps to 2.7% and contracted 70 bps to 2.6% on an organic basis, with Adjusted EBITDA of $243 million (+18.5% YoY).
Power revenue was $4.206 billion (+8% YoY), and Orders reached $5.202 billion (+28% YoY), led by Gas Power equipment and services, with 9 HA and 15 aeroderivative units, and services growth of 29% organically.
Wind revenue was $2.89 billion (flat YoY), and Orders reached $1.747 billion (-19% YoY), reflecting lower Onshore Wind equipment orders outside of North America.
Electrification revenue was $1.928 billion (+22% YoY), driven by Grid Solutions and Power Conversion. Orders gained 17% YoY to $2.51 billion....
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The Boston Business Journal's headline cuts directly to the chase:
Wind woes drag down GE Vernova