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As a company dedicated to electrifying and decarbonizing the world, we are uniquely positioned to have the range and scale of solutions to accelerate the energy transition.
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We execute with sustainability, innovation and lean at our core to deliver disciplined growth, margin expansion, higher free cash flow and effective capital allocation.
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Trading under the “GEV” ticker symbol on the New York Stock Exchange
Cambridge, Massachusetts, April 2, 2024–(BUSINESS WIRE)–GE Vernova (NYSE: GEV) today announced that it has completed its spinoff from GE (NYSE: GE) and will begin trading as an independent company on the New York Stock Exchange (NYSE) . The ticker symbol “GEV” will take effect at market open today. In a first for the New York Stock Exchange, GE Vernova and GE Aerospace, which is launching today as an independent company, will ring the opening bell together at 9:30 a.m. ET.
“Today, GE Vernova becomes an independent company focused on accelerating the energy transition to create a more sustainable future,” said Scott Strazik, CEO of GE Vernova. “Our Power, Wind and Electrification segment provides products and services essential to the power industry to meet the growing power demands of national economies and provide the power essential for health, safety, security and improved quality of life. GE Vernova is purpose-built to electrify and decarbonize the world, and I'm extremely proud of what our team has achieved with this milestone, and we're committed to working with our customers and shareholders on this milestone. I’m excited to continue the journey.”
GE Vernova has more than 80,000 employees in more than 100 countries. Many of the world's major power companies, developers, governments, and large industrial power users rely on its installed base to reliably and efficiently generate, transmit, condition, convert, and store electricity. . GE Vernova is the world's largest with an installed base of more than 7,000 gas turbines, approximately 55,000 wind turbines and cutting-edge electrification technology, contributing to the generation of approximately 30% of the world's electricity.
GE Vernova reaffirmed its 2024 financial guidance and announced its 2025 financial guidance at the company's Investor Day in March. Additionally, GE Vernova provided guidance through 2028, including achieving mid-single-digit organic revenue growth*, 10% adjusted EBITDA margin*, and free cash flow* conversion of 90-110%.
GE Vernova serves a critical $265 billion industry segment, estimated to grow to $435 billion by 2030. The growing need for electrification and decarbonization presents major opportunities, with power generation capacity projected to more than double by 2040. The company is focused on capitalizing on this opportunity. We execute with sustainability, innovation and lean at our core, building on our history of innovation by investing approximately $1 billion annually in research and development that advances breakthrough energy transition technologies.
The GE Vernova spin-off was accomplished by GE distributing all of GE Vernova's common stock. Each record holder of GE common stock received one share of GE Vernova, Inc. common stock for every four shares of GE common stock. Held on March 19, 2024.
*Non-GAAP financial measures
GE Vernova will announce first quarter earnings on April 25, 2024 at 7:30 a.m. ET. This return can be accessed at www.gevernova.com/investors.
Non-GAAP financial measures
In this document, we may use information derived from our consolidated financial data, but not presented in our financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Some of these data are considered “non-GAAP financial measures” under the rules of the Securities and Exchange Commission (SEC). These non-GAAP financial measures supplement our GAAP disclosures and should not be considered a substitute for GAAP measures. The reasons why we use these non-GAAP financial measures, and the reconciliation of them to the most directly comparable GAAP financial measures, are provided in this press release and in GE Vernova's Form 10 filed with the SEC, and in future filings. Included in any updates or corrections made.
Due to the uncertainty of the cost and timing associated with potential restructuring activities and their effects, the Company does not believe, without undue effort, that the non-GAAP estimates of free cash flow* and corresponding GAAP measures in the 2028 outlook. It is not possible to reconcile the difference. Depreciation and amortization expenses.
Forward-looking statements
This release contains forward-looking statements, which are statements regarding future events that, by their nature, are subject to varying degrees of uncertainty. These forward-looking statements often refer to the expected future operations, financial performance and condition of GE Vernova (the Company) and often refer to the terms “expects'', “anticipates'', etc. Contains words such as , “intends,” “plans,” “believes,” and “.” “seek,” “see,” “will,” “would,” “estimate,” “predict,” “target,” “tentative,” or “scope.” Forward-looking statements, by their nature, address matters that are of varying degrees of uncertainty, such as statements regarding planned or potential transactions. the impact of macroeconomic and market conditions and volatility on our business operations, financial results and condition, as well as our global supply chain and the global economy; expected financial performance, including cash flow, revenue, organic growth, profit margin, revenue and earnings per share; Our Credit Ratings and Prospects. its funding and liquidity; Business cost structure and cost reduction plans. restructuring. Goodwill impairment or other financial charges. or tax rate. For GE Vernova, certain areas where risks and uncertainties could cause actual results to differ materially from those expressed in the forward-looking statements include: the Company's success in executing planned and potential transactions; changes in macroeconomic and market conditions and market volatility (recession, inflation, supply chain constraints or disruptions, changes in interest rates, the value of securities and other financial assets, oil, natural gas and other commodity prices and exchange rates); risks), and the effects of such changes and instability on our business operations, financial performance and condition. global economic trends, competitive and geopolitical risks (including the effects of ongoing geopolitical conflicts (such as the Russia-Ukraine conflict and the Middle East conflict)), large-scale terrorist attacks, natural disasters, or Demand or supply shocks due to events such as actual disasters. the threat of a public health pandemic or other emergency or the escalation of sanctions, tariffs or other trade tensions and related effects on our supply chains and strategies for our business objectives; actual or perceived quality problems or safety defects related to our complex and specialized products, solutions and services; market trends or customer actions that may affect our ability to achieve anticipated operating cost reductions and implement initiatives to control or reduce operating costs; significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components and products critical to our operations, and significant disruptions to our manufacturing and production facilities and distribution networks; our capital allocation plans, including the timing and amount of dividends, stock repurchases, acquisitions, organic investments and other priorities; downgrades in our credit ratings or rating outlooks, or changes in rating application or methodology, and the related effects on our funding profile, costs, liquidity and competitive position; changes in markets and other dynamics related to decarbonization; the amount and timing of our cash flows and revenues, which may be affected by macroeconomic, customer, supplier, competitive, contractual and other dynamics and conditions; These and other uncertainties could cause our actual future results to differ materially from those expressed in the forward-looking statements. GE Vernova undertakes no obligation to update any forward-looking statements.
Additional Information
GE Vernova's website www.gevernova.com/investors, GE Vernova's LinkedIn and other social media accounts contain a large amount of information about GE Vernova, including financial and other information for investors . GE Vernova recommends that investors visit these websites from time to time as information is updated and new information is posted.
About GE Bellnova
GE Vernova is a global energy specialist, including the power, wind and electrification sectors, supported by an accelerator business in advanced research, consulting services and financial services. Building on his more than 130 years of experience addressing the world's challenges, GE Vernova is uniquely positioned to lead the energy transition by continuing to electrify the world while decarbonizing it. GE Vernova helps customers provide the power they need to fuel their economies and improve health, safety, security and quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, USA and has more than 80,000 employees in more than 100 countries around the world.
GE Vernova's mission is reflected in its name, and its heritage, GE, remains a lasting mark of hard-won quality and ingenuity. “Ver”/”verde” refers to the earth's lush ecosystem. “Nova” comes from the Latin word “novas” and represents a new and innovative era of low-carbon energy. Underpinned by the company's goal of “Energy that Changes the World,” GE Vernova contributes to a more affordable, reliable, sustainable and secure energy future. For more information, please visit GE Vernova's website and his LinkedIn. https://www.gevernova.com/
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contact address
Public relations activities for investors:
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M.Lapides@ge.com
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