GE Vernova has reported its financial results for the second quarter ending June 30, 2024. GE Vernova's orders for the second quarter were $11.8 billion, a 7% organic decrease, primarily due to a large offshore wind equipment order in the second quarter of last year that was canceled in the fourth quarter.
Services orders increased by double digits, led by Power and Electrification. Revenue of $8.2 billion was up 1%, or 2% organically, driven by continued strength in Electrification and Power and positive pricing in all three segments. Services revenue grew 7%, or 9% organically, with growth across all segments.
Wind turbine orders of $2.2 billion decreased 44% organically, primarily due to the large offshore wind order in the second quarter of last year and slightly lower onshore wind orders. Revenues of $2.1 billion decreased 21%, or 20% organically, due to lower onshore wind deliveries, partially offset by offshore wind backlog execution. The company booked 1.8 GW of wind turbine orders, including repowering, while continuing to implement selectivity, lean practices, and pricing strategies.
GE Vernova is raising its 2024 financial guidance and now expects revenue to trend towards the higher end of $34-$35 billion and adjusted EBITDA margin of 5%-7%, up from the higher end of mid-single digits. For wind, the company expects flat organic revenue growth, approaching profitability.
