GE Vernova said total revenues for Q3 2024 rose $8.9 billion, or $0.7 billion, and that it posted a net loss of $(0.1) billion and a diluted loss per share of $(0.35). Remaining performance obligations were $117.7 billion as of September 30, 2024.

10-QQuarterly reportFiled Oct 23, 2024Period of report Sep 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

GE Vernova said total revenues for Q3 2024 rose $8.9 billion, or $0.7 billion, and that it posted a net loss of $(0.1) billion and a diluted loss per share of $(0.35). Remaining performance obligations were $117.7 billion as of September 30, 2024.
The company said it recorded additional contract losses of about $0.7 billion in Q3, related to a wind turbine blade event at the Vineyard Wind project in July 13, 2024 and other matters. It said further changes or developments could result in additional losses, which could be material.
The company said it entered into a settlement agreement on September 12, 2024 regarding a project that a customer had previously canceled, and recognized a gain of about $0.3 billion in Q3. The gain was recorded as $0.5 billion in revenues and $0.2 billion in cost of sales.
The company said it received $306 million in cash in June 2024, representing the return of prior payments and interest related to partial withdrawal liability assessments from a multiemployer pension fund (Fund). It said that because the appeal is pending, it cannot predict whether it will ultimately retain the funds.

Key figures

Quarter ended September 30, 2024

Revenue: $8.9B
Operating income: −$359M
Net income: −$96M
EPS: −$0.35
Gross profit: $1.1B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q3 2024 Revenue, Net Loss and RPO

GE Vernova said total revenues for Q3 2024 rose $8.9 billion, or $0.7 billion, and that it posted a net loss of $(0.1) billion and a diluted loss per share of $(0.35). Remaining performance obligations were $117.7 billion as of September 30, 2024.

Source · Based on the MD&A text of the filing

Haliade-X Offshore Wind Contract Losses

The company said it recorded additional contract losses of about $0.7 billion in Q3, related to a wind turbine blade event at the Vineyard Wind project in July 13, 2024 and other matters. It said further changes or developments could result in additional losses, which could be material.

Source · Based on the MD&A text of the filing

September 12, 2024 Canceled Project Settlement

The company said it entered into a settlement agreement on September 12, 2024 regarding a project that a customer had previously canceled, and recognized a gain of about $0.3 billion in Q3. The gain was recorded as $0.5 billion in revenues and $0.2 billion in cost of sales.

Source · Based on the MD&A text of the filing

June 2024 Arbitration Refund of $306 million

The company said it received $306 million in cash in June 2024, representing the return of prior payments and interest related to partial withdrawal liability assessments from a multiemployer pension fund (Fund). It said that because the appeal is pending, it cannot predict whether it will ultimately retain the funds.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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