GE Vernova has reported a net loss of $100m in the first quarter of 2024, in its first quarter 2024 earnings results after launching as an independent, publicly traded company on 2 April.
Total revenues reached $7.3bn (+6%), led by services growing by 9%.
Adjusted EBITDA for the quarter was $200m.
GE Vernova CEO Scott Strazik said: “We delivered solid results with significant margin expansion across each segment, and I am pleased with the progress we are making as an independent company following our April 2 spin-off from GE.
“The energy transition is a growing, exciting market and GE Vernova is well-positioned to lead.
“In 2024, we will continue to execute our strategy with sustainability, innovation, and lean at our core.
“With the combination of strong market demand and operational improvement in our businesses, we are electrifying and decarbonizing the world while delivering an attractive multi-year financial trajectory.
“I’m grateful to the entire GE Vernova team for their hard work to support our customers and stakeholders.”
GE Vernova CFO Ken Parks said: “With an encouraging start to the year, we are executing our financial strategy to deliver disciplined revenue growth with stronger profitability and free cash flow.
“We expect cash generation to improve meaningfully every quarter this year, in line with our typical seasonality.
“As we execute this strategy, we will focus on strategic capital allocation and remain committed to maintaining our investment-grade balance sheet.”