Q2 2024 Ge Vernova Inc Earnings Call Transcript
Key Points
- GE Vernova Inc (GEV) reported strong adjusted EBITDA margin expansion across all three segments.
- Substantial improvement in free cash flow, with over $1 billion improvement year-over-year.
- Power segment saw a 30% increase in orders, driven by strength in equipment orders.
- Electrification segment experienced a backlog growth of over 25% since the start of the year.
- GE Vernova Inc (GEV) raised its 2024 guidance for revenue, adjusted EBITDA margin, and free cash flow.
- Wind segment remains challenging, with cautious outlook on the timing of an inflection in Onshore orders.
- Recent turbine blade event at Vineyard Wind project, causing operational pause and potential delays.
- Safety incidents reported, including fatalities in Malaysia and Turkey, highlighting ongoing safety challenges.
- Orders in Wind segment declined 44% year-over-year due to tough comparisons with the previous year.
- Potential risk of collections moving from 2024 into 2025 due to operational pauses in Offshore Wind projects.
Good day, ladies and gentlemen, and welcome to GE Vernova's second quarter 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.
Thank you, operator. Welcome to GE Vernova's second quarter 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 Form 10-Q, the 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 EBITDA and margin discussed during our prepared remarks are on an organic basis. We will make forward
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