GE Vernova Inc., a company operating in the electric power industry, reported its financial results for the third quarter of 2024, marking a significant period following its separation from General Electric on April 2, 2024. The company generated total revenues of $8.9 billion for the three months ended September 30, 2024, reflecting an increase of $0.7 billion (8%) compared to $8.3 billion in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $24.4 billion, up $1.2 billion (5%) from $23.2 billion in the prior year.
The company reported a net loss of $99 million for Q3 2024, an improvement from a net loss of $185 million in Q3 2023. The diluted earnings per share for the quarter were $(0.35), compared to $(0.62) in the same period last year. For the nine months ended September 30, 2024, GE Vernova achieved a net income of $1.1 billion, a substantial increase from a net loss of $680 million in the same period of 2023.
Cash flows from operating activities for the nine months ended September 30, 2024, were $1.7 billion, a significant turnaround from $(0.7) billion in the same period in 2023. This increase was primarily driven by higher net income and a cash refund from an arbitration proceeding. The company also reported free cash flow of $1.1 billion for the nine months, compared to $(1.2) billion in the previous year.
Strategically, GE Vernova completed the sale of part of its nuclear activities to Electricité de France S.A. in June 2024, resulting in net cash proceeds of $639 million and a pre-tax gain of $853 million. The company retained $1.2 billion in renewable energy U.S. tax equity investments during the spin-off. However, it recorded incremental contract losses of approximately $676 million in Q3 2024 due to changes in execution timelines and quality issues, particularly in the Offshore Wind segment.
The company’s Remaining Performance Obligations (RPO) as of September 30, 2024, were $117.7 billion, up from $112.2 billion a year earlier. The Power segment showed strong performance with an EBITDA of $499 million for Q3 2024, a 78% increase from $280 million in the same period last year. Conversely, the Wind segment reported an EBITDA loss of $(317) million, worsening from $(225) million in Q3 2023.
Overall, GE Vernova's financial performance in Q3 2024 indicates a positive trajectory in revenue growth and operational cash flow, despite challenges in specific segments and ongoing restructuring efforts.
About GE Vernova Inc.
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