Sector: Utilities|Industry: Utilities - Renewable|Market Cap: $102.36B|Employees: 80K
GE Vernova Inc., an energy company, engages in the provision of various products and services that generate, transfer, orchestrate, convert, and store electricity in the United States, Europe, Asia, the Americas, the Middle East, and Africa. The company operates through three segments: Power, Wind, and Electrification. The Power segment designs, manufactures, and services gas, nuclear, hydro, and steam technologies. The Wind segment offers wind generation technologies, including onshore and offshore wind turbines and blades. The Electrification segment provides grid solutions, power conversion, solar, and storage solutions; and electrification software for the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point of consumption. The company was incorporated in 2023 and is headquartered in Cambridge, Massachusetts.
Total revenues reached $8.032 billion, up 10.6% YoY, primarily driven by a 16% increase in equipment revenues. This growth reflects strong demand across key segments, indicating successful market positioning and execution.
The company reported net income of $264 million, a substantial improvement from the net loss of $106 million in the same period last year. This turnaround reflects improved operating efficiency and strategic initiatives.
Gross profit increased to $1.470 billion, compared to $1.150 billion in the prior year, indicating improved profitability. This expansion is attributed to favorable volume and price dynamics, as well as productivity gains.