- A purpose-built company to electrify and decarbonize the world,
uniquely positioned with a scope and scale of solutions to
accelerate the energy transition
- Executing with sustainability, innovation and lean at its core
and delivering disciplined growth, margin expansion, higher free
cash flow, and effective capital allocation
- Trading on the New York Stock Exchange under “GEV” ticker
symbol
GE Vernova (NYSE: GEV) announced today that its spin-off from GE
(NYSE: GE) is complete and it will begin trading as an independent
company on the New York Stock Exchange (NYSE) under the ticker
symbol “GEV,” effective at the market opening today. In a first for
the NYSE, GE Vernova and GE Aerospace, which also launches as an
independent company today, will ring the opening bell together at
9:30 AM ET.
“Today, GE Vernova becomes an independent company singularly
focused on accelerating the energy transition to create a more
sustainable future,” said Scott Strazik, CEO of GE Vernova. “Our
Power, Wind, and Electrification segments provide essential
products and services to the electric power industry as we work to
meet the growing power demands of economies and deliver electricity
that is vital to health, safety, security, and improved quality of
life. GE Vernova is purpose-built to electrify and decarbonize the
world, and I’m incredibly proud of what our team has accomplished
with this milestone and excited to continue this journey alongside
our customers and shareholders.”
GE Vernova has more than 80,000 employees across more than 100
countries. Many of the world’s leading utilities, developers,
governments, and large industrial electricity users rely on its
installed base to generate, transfer, orchestrate, convert, and
store electricity reliably and efficiently. With an installed base
of over 7,000 gas turbines, the world’s largest, approximately
55,000 wind turbines, and leading-edge electrification technology,
GE Vernova helps generate approximately 30% of the world’s
electricity.
At the company’s Investor Day in March, GE Vernova reaffirmed
its 2024 financial guidance, and presented its 2025 financial
guidance. Additionally, GE Vernova provided its outlook by 2028
including achieving mid-single digit organic revenue growth*, 10%
adjusted EBITDA margin*, and 90-110% free cash flow*
conversion.
GE Vernova serves a vital $265 billion industry segment that is
estimated to grow to $435 billion by 2030. Increased
electrification and decarbonization needs offer major
opportunities, with generation capacity projected to more than
double by 2040. To capitalize on this opportunity, the company is
focused on executing with sustainability, innovation, and lean at
its core and is building on its history of innovation by investing
approximately $1 billion annually in research and development to
drive breakthrough energy transition technologies.
The spin-off of GE Vernova was achieved by GE’s distribution of
all shares of the common stock of GE Vernova Inc. Each holder of
record 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 Measure
GE Vernova will announce its first quarter earnings on April 25,
2024 at 7:30 AM ET, which can be accessed at
www.gevernova.com/investors.
Non-GAAP Financial Measures
In this document, the Company sometimes uses information derived
from consolidated financial data but not presented in its financial
statements prepared in accordance with U.S. generally accepted
accounting principles (GAAP). Certain of these data are considered
“non-GAAP financial measures” under the U.S. Securities and
Exchange Commission (SEC) rules. These non-GAAP financial measures
supplement the Company’s GAAP disclosures and should not be
considered an alternative to the GAAP measure. The reasons the
Company uses these non-GAAP financial measures and the
reconciliations to their most directly comparable GAAP financial
measures are included in this press release and GE Vernova's Form
10 filed with the SEC and any updates or amendments it makes in
future filings.
The Company cannot provide a reconciliation of the differences
between the non-GAAP expectations and the corresponding GAAP
measure for free cash flow* conversion in the 2028 outlook without
unreasonable effort due to the uncertainty of the costs and timing
associated with potential restructuring actions and the impacts of
depreciation and amortization.
Forward-Looking Statements
This release contains forward-looking statements – that is,
statements related to future events that by their nature address
matters that are, to different degrees, uncertain. These
forward-looking statements often address GE Vernova’s (the Company)
expected future business and financial performance and financial
condition, and often contain words such as “expect,” “anticipate,”
“intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,”
“estimate,” “forecast,” “target,” “preliminary,” or “range.”
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain, such as statements about
planned and potential transactions; the impacts of macroeconomic
and market conditions and volatility on the Company’s business
operations, financial results and financial position and on the
global supply chain and world economy; its expected financial
performance, including cash flows, revenues, organic growth,
margins, earnings and earnings per share; the Company’s credit
ratings and outlooks; its funding and liquidity; its business’ cost
structures and plans to reduce costs; restructuring; goodwill
impairment or other financial charges; or tax rates. For GE
Vernova, particular areas where risks or uncertainties could cause
its actual results to be materially different than those expressed
in its forward-looking statements include: the Company’s success in
executing planned and potential transactions; changes in
macroeconomic and market conditions and market volatility,
including risk of recession, inflation, supply chain constraints or
disruptions, interest rates, the value of securities and other
financial assets, oil, natural gas and other commodity prices and
exchange rates, and the impact of such changes and volatility on
the Company’s business operations, financial results and financial
position; global economic trends, competition and geopolitical
risks, including impacts from the ongoing geopolitical conflicts
(such as the Russia-Ukraine conflict and conflict in the Middle
East), demand or supply shocks from events such as a major
terrorist attack, natural disasters or actual or threatened public
health pandemics or other emergencies, or an escalation of
sanctions, tariffs or other trade tensions, and related impacts on
the Company’s business’ goal supply chains and strategies; actual
or perceived quality issues or safety failures related to the
Company’s complex and specialized products, solutions and services;
market developments or customer actions that may affect the
Company’s ability to achieve its anticipated operational cost
savings and implement initiatives to control or reduce operating
costs; significant disruptions in the Company’s supply chain,
including the high cost or unavailability of raw materials,
components, and products essential to its business, and significant
disruptions to its manufacturing and production facilities and
distribution networks; the Company’s capital allocation plans,
including the timing and amount of dividends, share repurchases,
acquisitions, organic investments, and other priorities; downgrades
of the Company’s credit ratings or ratings outlooks, or changes in
rating application or methodology, and the related impact on the
Company’s funding profile, costs, liquidity and competitive
position; shifts in market and other dynamics related to
decarbonization; and the amount and timing of the Company’s cash
flows and earnings, which may be impacted by macroeconomic,
customer, supplier, competitive, contractual and other dynamics and
conditions. These and other uncertainties may cause the Company’s
actual future results to be materially different than those
expressed in its forward-looking statements. GE Vernova does not
undertake to update its forward-looking statements.
Additional Information
GE Vernova’s website at www.gevernova.com/investors, as well as
GE Vernova’s LinkedIn and other social media accounts, contains a
significant amount of information about GE Vernova, including
financial and other information for investors. GE Vernova
encourages investors to visit these websites from time to time, as
information is updated, and new information is posted.
About GE Vernova
GE Vernova is a purpose-built global energy company that
includes Power, Wind, and Electrification segments and is supported
by its accelerator businesses of Advanced Research, Consulting
Services, and Financial Services. Building on over 130 years of
experience tackling the world’s challenges, GE Vernova is uniquely
positioned to help lead the energy transition by continuing to
electrify the world while simultaneously working to decarbonize it.
GE Vernova helps customers power economies and deliver electricity
that is vital to health, safety, security, and improved quality of
life. GE Vernova is headquartered in Cambridge, Massachusetts,
U.S., with more than 80,000 employees across 100+ countries around
the world.
GE Vernova’s mission is embedded in its name – it retains its
legacy, “GE,” as an enduring and hard-earned badge of quality and
ingenuity. “Ver” / “verde” signal Earth’s verdant and lush
ecosystems. “Nova,” from the Latin “novus,” nods to a new,
innovative era of lower carbon energy. Supported by the Company
Purpose, The Energy to Change the World, GE Vernova will help
deliver a more affordable, reliable, sustainable, and secure energy
future. Learn more: GE Vernova’s website and LinkedIn.
https://www.gevernova.com/
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version on businesswire.com: https://www.businesswire.com/news/home/20240401860753/en/
Investor Relations: Michael Lapides 631.662.4317
M.Lapides@ge.com
Media: Adam Tucker 518.227.2463 Adam.tucker@ge.com
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