GE Vernova (NYSE:GEV), the power equipment maker spun off from General Electric, nearly tripled third-quarter net income attributable to the company to $1.3 billion, from $452 million a year earlier.
Revenue rose 27% to $12.6 billion, while diluted earnings per share reached $4.81, up from $1.64 in the same quarter last year.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) with certain one-off items removed, more than doubled to $1.9 billion, giving a margin of 15.4% against 8.1% a year earlier.
The Power segment, which makes gas, nuclear and hydro equipment, lifted revenue 25% to $6.1 billion, and orders for gas turbines reached 112 units, up from 29.
Electrification revenue climbed 51% to $3.9 billion, helped by the acquisition of Prolec GE, a transformer maker in which GE Vernova bought the remaining 50% stake in February for $5.2 billion in cash.
Wind returned to a segment EBITDA profit of $72 million after a $61 million loss, although the unit has lost $585 million on that measure over nine months.
Backlog, measured as contracted revenue from unfulfilled orders and service obligations, rose 31% from December to $196.7 billion, while nine-month operating cash flow reached $16.7 billion, driven largely by higher customer payments, including down payments on orders and slot reservations.
On Wednesday, the board raised the share repurchase authorization to $20 billion, after the company bought back $1.6 billion of its stock during the quarter.
On Sunday, GE Vernova agreed to buy Trench Group, a maker of high-voltage electrical components, from the investment firm Triton Partners for about €8 billion, to be funded equally by cash and debt.
The deal is expected to close in late 2027, subject to regulatory approvals.
Shares of GE Vernova were down around 2.2% on Wednesday.
Source: www.proactiveinvestors.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
