GE Vernova Reports $34.9 Billion Revenue and $1.6 Billion Net Income for Fiscal Year 2024

GE Vernova Inc., a global leader in the electric power industry, reported significant financial performance for the fiscal year ending December 31, 2024, following its spin-off from General Electric Company (GE) on April 2, 2024. The company generated total revenues of $34.9 billion, marking a 5% increase from $33.2 billion in 2023. Net income for the year was $1.6 billion, a substantial recovery from a net loss of $474 million in the previous year. This resulted in a net income margin of 4.5%, with diluted earnings per share reaching $5.58, compared to a loss of $1.60 per share in 2023.

The company experienced notable changes in its operational structure and financial metrics compared to the previous fiscal period. The increase in revenues was driven by growth across all segments, particularly in the Power segment, which saw a rise in gas and steam power services. Adjusted EBITDA for 2024 was reported at $2.0 billion, an increase of $1.2 billion from the previous year, reflecting improved operational efficiency and cost management strategies. Free cash flow also improved significantly, reaching $1.7 billion, up from $442 million in 2023.

Strategically, GE Vernova has focused on enhancing its market position through various initiatives, including the sale of part of its nuclear activities to Electricité de France S.A. (EDF), which generated a pre-tax gain of $1.0 billion. The company also announced a $6 billion share repurchase program and initiated a quarterly dividend of $0.25 per share, reflecting its commitment to returning value to shareholders. Additionally, GE Vernova has streamlined its product offerings to focus on core technologies, which is expected to improve both cost and quality.

Operationally, GE Vernova reported a remaining performance obligation (RPO) of $119 billion as of December 31, 2024, indicating a healthy backlog of orders. The company’s workforce consisted of approximately 75,000 employees, with a significant portion engaged in manufacturing and engineering roles. The company has also made strides in geographic expansion, with a strong presence in the Americas, Europe, and Asia, and is actively pursuing opportunities in emerging markets.

Looking ahead, GE Vernova anticipates continued growth driven by the global energy transition and increasing demand for sustainable energy solutions. The company aims to leverage its innovative technologies and strong customer relationships to capitalize on market opportunities while navigating challenges such as supply chain disruptions and regulatory changes. The management expressed confidence in achieving its strategic goals, supported by a robust financial position and a commitment to sustainability and decarbonization initiatives.