GE Vernova Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Company Overview

  • 2024 marked GE Vernova’s first full year as an independent company, delivering strong financial results, operational improvements, and meaningful progress across Power, Wind, and Electrification.
  • Demand across global electricity markets continues to accelerate, driven by data center growth (AI), grid modernization, and decarbonization initiatives.
  • The company increased its conviction in a multi‑decade growth cycle supported by gas generation, grid equipment, and emerging nuclear technologies (including SMRs).

Key Financial Results (FY 2024 vs FY 2023)

  • Total orders: $44B (up double digits; record year).
  • Revenue: $35B (up high single digits).
  • Adjusted EBITDA: More than doubled to >$2B, with ~300 bps margin expansion.
  • Free cash flow: $1.7B (up $1.3B YoY).
  • Backlog: $119B (up significantly YoY; equipment backlog now $43B, up 50%+ vs 2022).
  • Cash balance: $8.2B (nearly doubled since spin).

Q4 2024 Highlights

  • Orders: $13.2B (up 22% YoY).
  • Revenue: up 9% YoY.
  • Adjusted EBITDA margin: 10.2% (first double-digit EBITDA quarter).
  • Free cash flow: ~$600M.

Segment Performance

Power
  • Full-year revenue up 7%; EBITDA margin up ~180 bps.
  • Gas Power orders surged, with ~20 GW of gas turbine orders (double 2023).

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Operator: Good day, ladies and gentlemen and welcome to the GE Vernova's Fourth Quarter and Full Year 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. 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. Michael Lapides: Welcome to GE Vernova's fourth quarter and full year 2024 earnings call. I'm joined today by our CEO, Scott Strazik; and CFO, Ken 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 organic basis unless otherwise specified. We will make forward-looking statements about our performance. These statements are based on how we see things today. While we may elect to update these forward-looking statements at some point in the future, we do not undertake any obligation to do so. As described in our SEC filings, actual results may differ materially due to risks and uncertainties With that, I'll hand the call over to Scott. Scott Strazik:

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