GE Vernova Raises Guidance Amid Global Push for Electrification
(Bloomberg) -- GE Vernova Inc., the newly independent supplier of power-generation equipment, is raising its full-year guidance as the global fight against climate change drives demand for electricity.
The company, which was spun off from General Electric Co. in April, expects free cash flow for 2024 of $1.3 billion to $1.7 billion, up from its prior forecast of $700 million to $1.1 billion, according to a statement Wednesday.
The only soft spot in the company is wind, which is expected to see flat organic revenue growth. GE Vernova is facing scrutiny after a massive blade from one of its turbines fell into the sea July 13 at a project under construction in Massachusetts.
“Global electrification and decarbonization trends continue to drive demand for our products and services,” Chief Executive Officer Scott Strazik said in the statement.
©2024 Bloomberg L.P.
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