Q4 2024 Ge Vernova Inc Earnings Call Transcript
Key Points
- GE Vernova Inc (GEV) reported record quarterly orders and revenues, with adjusted EBITDA margin reaching 10.2%.
- The company achieved significant growth in its electrification segment, with equipment orders more than doubling in Q4 2024 compared to the previous year.
- GE Vernova Inc (GEV) has made substantial progress in its wind segment, cutting EBITDA losses by almost half despite lower revenues.
- The power segment delivered 7% revenue growth and nearly 200 basis points of margin expansion in 2024.
- The company increased its cash balance to over $8 billion, supported by strong free cash flow generation and strategic portfolio actions.
- The wind segment continues to face challenges, with uncertain timing for an inflection in North America onshore wind orders.
- Offshore wind performance was challenging, with approximately $1 billion of incremental contract losses in 2024.
- There is a cautious outlook on the timing of an onshore order inflection in North America due to growing interconnection queues and higher interest rates.
- The company does not foresee adding to the offshore backlog without substantially different industry economics.
- Despite progress, the wind segment is expected to have EBITDA losses between $200 million and $400 million in 2025.
Good day, ladies and gentlemen, and welcome to GE Vernova's fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions) My name is Liz, and I will be your conference coordinator today.
(Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the program over to your host for today's conference, Michael Lapides, Vice President of Investor Relations. Please proceed.
Welcome to GE Vernova's fourth-quarter and full-year 2024 earnings call. I'm joined today by our CEO, Scott Strazik; and our CFO, Kenneth Parks. Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today's press release and in the presentation slides, all of which are available on our website.
Please note that year-over-year commentary or variances on orders, revenue, adjusted and segment EBITDA, and margin discussed during our prepared remarks are on an
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