GE Vernova said total revenues for the year ended December 31, 2024 were $34.9 billion, an increase of $1.7 billion, and net income was $1.6 billion with a net income margin of 4.5%. Free cash flow was $1.7 billion compared with $0.4 billion in the prior year.

1. 01

   GE Vernova said total revenues for the year ended December 31, 2024 were $34.9 billion, an increase of $1.7 billion, and net income was $1.6 billion with a net income margin of 4.5%. Free cash flow was $1.7 billion compared with $0.4 billion in the prior year.

2. 02

   The company said its Steam Power business completed the sale of part of its nuclear activities to EDF in Q2 2024, receiving net cash proceeds of $0.6 billion and recognizing a pre-tax gain of $1.0 billion. It also said it received $306 million in cash from a multiemployer pension plan in June 2024, and added that this dispute has not yet been finally resolved.

3. 03

   GE Vernova said a wind turbine blade event occurred on July 13, 2024 at the Vineyard Wind offshore wind farm related to a manufacturing deviation of its Haliade-X turbines. The company recorded incremental contract losses of approximately $0.9 billion in Q3 2024 and Q4 for both projects, and explained that additional changes could result in further losses, which could be material.

4. 04

   GE Vernova said RPO as of December 31, 2024 was $119.0 billion, an increase of $3.4 billion (3%) from $115.6 billion as of December 31, 2023. Adjusted EBITDA for 2024 was $2.0 billion, an increase of $1.2 billion, and Adjusted EBITDA margin was 5.8%.

Key figures

Fiscal year ended December 31, 2024

Revenue

$34.9B

Operating income

$471M

Net income

$1.6B

EPS

$5.58

Gross profit

$6.1B

Operating cash flow

$2.6B

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.

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.