GE Vernova: 2024 targets raised with electrification
(CercleFinance.com) - GE Vernova on Wednesday raised its financial targets for 2024, saying it was "encouraged" by its solid performance in H1.
Buoyed by demand linked to the electrification of the economy, the US group saw its sales rise by 1% to $8.2bn in Q2 alone, including organic growth of 2%.
Its adjusted operating income recurring (Ebitda) came to $524m, excluding non-recurring items in the quarter, compared with $203m a year earlier.
On an adjusted basis, the operating margin consequently came to 6.4%, compared with 2.5% a year earlier.
Free cash flow (FCF) was positive at $821m, compared with -$447m in the same period last year.
For the full year, Vernova now expects annual sales and adjusted operating margin to be at the upper end of the ranges of $34bn-$35bn and 5%-7% previously set.
Cash flow is now expected between $1.3bn and $1.7bn this year, instead of $700m and $1.1bn.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Buoyed by demand linked to the electrification of the economy, the US group saw its sales rise by 1% to $8.2bn in Q2 alone, including organic growth of 2%.
Its adjusted operating income recurring (Ebitda) came to $524m, excluding non-recurring items in the quarter, compared with $203m a year earlier.
On an adjusted basis, the operating margin consequently came to 6.4%, compared with 2.5% a year earlier.
Free cash flow (FCF) was positive at $821m, compared with -$447m in the same period last year.
For the full year, Vernova now expects annual sales and adjusted operating margin to be at the upper end of the ranges of $34bn-$35bn and 5%-7% previously set.
Cash flow is now expected between $1.3bn and $1.7bn this year, instead of $700m and $1.1bn.
Copyright (c) 2024 CercleFinance.com. All rights reserved.