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GE Vernova slips as wind drag outweighs AI-driven orders
business1 month ago

GE Vernova slips as wind drag outweighs AI-driven orders

GE Vernova stock fell about 6% after a quarter in which earnings missed estimates despite revenue beating and orders surging 88% to $24.2 billion led by Power and Electrification; wind orders dropped about 40% due to higher offshore project costs, weighing on margins. The company lifted 2026 revenue guidance to $45.5–$46.5 billion and reported a backlog of $176 billion, with its HA gas turbine fleet surpassing 4 million operating hours (130 units commissioned in 21 countries and 195 under contract), underscoring AI-driven demand for power infrastructure but wind remains a drag.

via Yahoo Finance|
#business#earnings#ge
finance2 years ago

GE's Aviation Business Drives Profit Beat and Raises 2023 Forecast

GE stock surged by 7% after the company reported a quarterly profit beat and raised its guidance, attributing the success to the rapid growth of its aerospace business. GE Aerospace has experienced robust demand and solid execution, particularly in commercial engines and services. The company now expects adjusted earnings of $2.55 to $2.65 per share in 2023, up from the previous projection of no more than $2.30. Despite supply chain challenges, GE's commercial engine deliveries have increased by 30% year-to-date. CEO Larry Culp also highlighted the growth potential beyond the commercial category, including a deal with the US Army for test engines. GE's results reflect the success of its five-year-turnaround plan, which involved cost-cutting measures and divestment of businesses. The spin-off of GE Vernova, its renewable energy and power unit, is expected to occur in Q2 2024.

via Yahoo Finance|
#aviation-business#finance#ge
Wind Energy Industry Aims to End Billions in Losses with GE and Siemens
energy3 years ago

Wind Energy Industry Aims to End Billions in Losses with GE and Siemens

The US wind energy industry is optimistic about growth over the next decade, particularly in the nascent offshore wind niche, despite billions of dollars in losses over the past few years due to supply chain disruptions, rising inflation and interest rates, the war in Ukraine, and reduced tax incentives. The Biden administration's Inflation Reduction Act, which includes new tax credits and subsidies toward clean energy investments, is expected to drive investment of nearly $369 billion in clean energy and climate priorities. The US wind energy industry is in good shape, if the short-term economic issues can be overcome.

via CNBC|
#energy#ge#offshore-wind