In This Story
GE Vernova Inc. (GEV-8.29%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, reporting total revenues of $34.9 billion, an increase from $33.2 billion in the previous year. This growth was primarily driven by increased service revenues in the Power segment.
The company reported a net income of $1.6 billion for the year, compared to a net loss of $474 million in 2023. This improvement was attributed to higher segment results and a gain from the sale of part of its nuclear activities.
GE Vernova's Power segment saw an increase in revenues to $18.1 billion, with significant contributions from Gas Power equipment and services. The segment's EBITDA rose to $2.3 billion, reflecting favorable pricing and increased productivity.
The Wind segment reported revenues of $9.7 billion, slightly down from the previous year. The segment's EBITDA improved, driven by better pricing and cost reductions at Onshore Wind, despite challenges at Offshore Wind.
Electrification segment revenues increased to $7.6 billion, supported by growth in Grid Solutions and Power Conversion. The segment's EBITDA also rose significantly.
The company reported a free cash flow of $1.7 billion, up from $442 million in the previous year, reflecting improved operational performance and working capital management.
GE Vernova's total backlog, measured as remaining performance obligations, stood at $119 billion as of December 31, 2024, up from $115.6 billion the previous year, with growth in Electrification and Power segments.
The filing details the company's strategic focus on electrification and decarbonization, emphasizing investments in technology and innovation to support the energy transition.
The report also highlights risks related to supply chain disruptions, regulatory changes, and market dynamics, which could impact future performance.
GE Vernova outlined its capital allocation strategy, including a quarterly dividend of $0.25 per share and a share repurchase authorization of up to $6 billion.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GE Vernova Inc. annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.