10-KPeriod: FY2024

GE Vernova Inc. Annual Report, Year Ended Dec 31, 2024

Filed February 6, 2025For Securities:GEV

Summary

GE Vernova Inc. (GEV) reported strong performance in its 2024 10-K filing, demonstrating significant progress as an independent company post-spin-off from GE. The company achieved total revenues of $34.9 billion, an increase of 5% year-over-year, driven by growth across its Power and Electrification segments. Net income turned positive, reaching $1.6 billion, a substantial improvement from a net loss in the prior year. This turnaround was supported by operational efficiencies, favorable pricing, increased gas turbine deliveries, and a significant gain from the sale of a portion of its Steam Power nuclear activities. Key financial highlights include a substantial increase in Free Cash Flow to $1.7 billion, up from $0.4 billion in the prior year, and a strong Remaining Performance Obligations (RPO) of $119 billion, indicating a robust future revenue pipeline. The company also announced a quarterly dividend and a $6 billion share repurchase authorization, signaling confidence in its financial health and commitment to returning capital to shareholders. While the Wind segment experienced challenges, particularly with offshore wind project execution and associated losses, overall performance reflects successful navigation of the energy transition and strategic initiatives.

Financial Highlights

47 data points
Beta

Revenue

$34.94B

17.4% Gross Margin

Net Income

$1.55B

4.4% Net Margin

EPS (Diluted)

$5.58

Total Assets

$51.48B

Cash & Equivalents

$8.21B

Free Cash Flow

$2.58B

Financial Statements
Beta
Revenue$34.94B
Cost of Revenue$28.85B
Gross Profit$6.08B
R&D Expenses$982.00M
SG&A Expenses$4.63B
Operating Income$471.00M
Net Income$1.55B
EPS (Basic)$5.65
EPS (Diluted)$5.58
Shares Outstanding (Basic)275.00M
Shares Outstanding (Diluted)278.00M

Key Highlights

  • 1Total revenues increased by 5% to $34.9 billion in 2024.
  • 2Net income turned positive, reaching $1.6 billion, a significant improvement from a net loss in the prior year.
  • 3Free Cash Flow increased substantially to $1.7 billion from $0.4 billion in 2023.
  • 4Remaining Performance Obligations (RPO) stood at a robust $119 billion as of December 31, 2024, up 3% from the prior year.
  • 5The company announced a quarterly dividend of $0.25 per share and a $6 billion share repurchase authorization.
  • 6Segment EBITDA improved across all segments, with Power and Electrification showing strong growth, while Wind's EBITDA losses narrowed significantly.
  • 7The sale of a portion of the Steam Power nuclear activities resulted in a pre-tax gain of $1.0 billion.

Frequently Asked Questions

GE Vernova reported total revenues of $34.9 billion, a 5% increase year-over-year. The company achieved a net income of $1.6 billion, a significant improvement from a net loss in the previous year. Free Cash Flow also saw a substantial increase to $1.7 billion.

The Power segment saw increased revenues and a 32% rise in Segment EBITDA, driven by Gas Power. The Electrification segment reported strong revenue growth of 18% and a significant increase in Segment EBITDA. The Wind segment's revenues were relatively flat, and Segment EBITDA losses narrowed considerably due to improved pricing and cost reduction activities, although offshore wind projects incurred significant contract losses.

The company announced its plan to return at least one-third of its cash generation to stockholders. This includes initiating a quarterly cash dividend of $0.25 per share and authorizing up to $6 billion in common stock repurchases.

Key drivers for the improved financial performance include growth in the Power and Electrification segments, driven by higher volume, favorable pricing, and productivity improvements. The sale of a portion of the Steam Power nuclear activities also contributed a significant pre-tax gain. The company also benefited from a substantial arbitration refund.