GE Vernova Inc. GEV reported upbeat gross sales for the third quarter on Wednesday.
The corporate reported income progress of 8% year-over-year to $8.913 billion and +10% YoY organically, beating the consensus of $8.783 billion. Web loss narrowed to $99 million from $185 million loss final 12 months.
“GE Vernova had a strong third quarter, delivering double-digit orders and continued income progress with providers energy throughout all segments, important margin growth in Energy and Electrification, and substantial money technology,” commented GE Vernova CEO Scott Strazik.
Orders totaling $9.4 billion elevated 17% organically, pushed by providers progress of +28 % organically, with energy throughout all segments, and tools progress in Energy and Electrification.
For 2024, GE Vernova expects income to pattern in the direction of the upper finish of $34 billion – $35 billion versus $34.93 billion. The corporate now expects free money circulate to pattern in the direction of the upper finish of the $1.3 billion – $1.7 billion vary.
GE Vernova shares gained 1.3% to shut at $279.88 on Wednesday.
These analysts made modifications to their value targets on GE Vernova following earnings announcement.
- B of A Securities analyst Andrew Obin maintained GE Vernova with a Purchase and raised the value goal from $300 to $320.
- JP Morgan analyst Mark Strouse maintained the inventory with an Chubby and boosted the value goal from $285 to $330.
- Barclays analyst Julian Mitchell maintained GE Vernova with an Chubby and elevated the value goal from $300 to $320.
Contemplating shopping for GEV inventory? Right here’s what analysts suppose:
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