GE Vernova's Q2 revenue up by 1% to $8.2 billion - Breaking The News

GE Vernova's Q2 revenue up by 1% to $8.2 billion

24 July

1 min read

EPA-EFE/JAGADEESH NV

GE Vernova Inc. announced on Wednesday its revenue in the second quarter of the fiscal year 2024 saw an annual rise of 1% to reach $8.2 billion. The company recorded a net income of $1.28 billion, an improvement from a net loss of $149 million registered in the same trimester the year before. Its diluted earnings per share (EPS) stood at $4.65, contrasting losses per share of $0.55 reported in the second three-month period of 2023.

"Strong working capital management and higher EBITDA [earnings before interest, taxes, depreciation, and amortization] drove significant cash improvement in the second quarter. Based on our performance, we are now trending towards the higher end of our revenue guidance for 2024 and have increased our expectations for adjusted EBITDA margins and free cash flow," Chief Financial Officer (CFO) Ken Parks said.

Following the release of the report, GE Vernova's shares increased by 4.11% in premarket trading.

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