GE Vernova sales grow 6% to $7.26 bn in first-quarter

By Editor


GE Vernova has reported $7.26 billion (up 6 percent) for the first quarter ending March 31, 2024.

“We delivered solid results with margin expansion across each segment. The energy transition is a growing market and GE Vernova is well-positioned to lead,” said GE Vernova CEO Scott Strazik.

“In 2024, we will continue to execute our strategy with sustainability, innovation, and lean at our core. With the combination of strong market demand and operational improvement in our businesses, we are electrifying and decarbonizing the world while delivering an attractive multi-year financial trajectory,” Scott Strazik said.

In the quarter, GE Vernova orders of $9.7 billion were flat. Revenue of $7.3 billion was up +6 percent, driven by Electrification and Power. Services revenue grew +9 percent, with growth across all segments. Margins were higher from price, productivity, cost management and volume.


Orders of $5.0 billion increased +25 percent, with higher equipment orders from increased HA and Aeroderivative gas turbines. Revenues of $4.0 billion increased +6 percent, led by higher Gas Power services with higher outages and stronger pricing.

Power secured orders for 8 HA gas units, including an order for 7HA.03 equipment from Louisville Gas and Electric Company and Kentucky Utilities Company, regulated subsidiaries of PPL Corp.


Orders of $1.1 billion declined 40 percent driven by lower Onshore Wind equipment, as North American customers continue to site and permit projects. Revenues of $1.6 billion declined 6 percent, from lower Onshore Wind equipment volume, partially offset by higher Offshore Wind equipment and Wind services. Wind booked 0.6GW of wind turbine orders while continuing to implement selectivity, lean, and pricing.


Orders of $3.6 billion declined 7 percent, with lower large HVDC orders, partially offset by strong grid demand. Revenues of $1.7 billion grew +24 percent, due to growth in Grid Solutions.

Electrification awarded a consortium contract with MYTILINEOS to supply two HVDC converter stations for Eastern Green Link 1 in the United Kingdom.

GE Vernova invested $0.2 billion in capital expenditures in Q1 2024 versus $0.1 billion in the first quarter of 2023 to increase assembly capacity, supporting profitable growth.

GE Vernova  funded $0.2 billion in research and development (R&D) spending to advance and commercialize breakthrough energy transition technologies.

Baburajan Kizhakedath

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