GE Vernova expects USD-300m EBITDA loss at wind unit for Q3

GE Vernova Inc (NYSE:GEV) on Thursday said it expects its wind segment to record an EBITDA loss of about USD 300 million (EUR 272m) in the third quarter of 2024, reflecting additional costs due to the recent offshore wind blade events.

The company, which was spun off from General Electric in April, still confirmed its full-year 2024 guidance and said that it expects incremental strength in the power and electrification segments to offset the additional offshore wind costs.

In the third quarter, the onshore wind business is set to deliver a fifth profitable quarter in a row and GE Vernova anticipates its wind segment being modestly profitable in the fourth quarter.

GE Vernova’s affirmed full-year guidance is for revenue trending towards the upper end of USD 34 billion-35 billion, adjusted EBITDA margin of 5%-7% and free cash flow of USD 1.3 billion-USD 1.7 billion.

The company provided the update as part of a presentation at the Annual Morgan Stanley Laguna conference in California.

(USD 1 = EUR 0.908)

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