GE Vernova reports Q1 loss in first post-spinoff results

seekingalpha04-26

GE Vernova (NYSE:GEV) +1.2% in Thursday's trading after reporting a larger than expected Q1 adjusted loss of $0.41/share, as demand for natural gas-related equipment and services was offset by ...

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In its first quarterly earnings report since spinning off from General Electric, the provider of equipment and services to power plants and wind farms posted a loss of $106M, or $0.47/share, less than the loss of $346M, or $1.15/share, in the year-earlier quarter, while revenues rose 6% Y/Y to $7.26B, roughly in line with expectations. GE Vernova (GEV) said orders in its wind segment fell 40% on lower demand for onshore equipment as North American customers continue with the permitting processes for projects, but sales in the power segment rose 6% on higher orders for gas turbines and more demand for gas power services due to outages. The company, which reiterated its full-year revenue guidance of $34B-$35B, said the results were an \"encouraging start to the year,\" and it expects cash generation will \"improve meaningfully every quarter this year.\" The company could not reach an agreement to supply smaller turbines for three New York offshore wind developments before the contracts were canceled last week, CEO Scott Strazik told Reuters. State officials blamed the cancellations on GE Vernova's (GEV) decision to abandon plans for its 18 MW turbines, which the wind farm developers had planned to use. \"We just collectively, as a system, couldn't get it across the line on the those projects in that auction,\" Strazik said, adding that the shift away from the 18 MW turbine was not uncommon in the product development process and he expects a 15.5 MW replacement prototype turbine in late 2025.  More on GE Vernova  GE Vernova Q1 2024 Earnings Call Transcript Not Expecting Much From GE Vernova, Despite Rosy Expectations About The Future GE Vernova: GE Power Business In Recovery","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430422255"}