GE Vernova's profit topped third-quarter expectations on Wednesday, driven by strong equipment orders and surging U.S. power demand from data centers supporting artificial intelligence workloads…
GE Vernova's profit topped third-quarter expectations on Wednesday, driven by strong equipment orders and surging U.S. power demand from data centers supporting artificial intelligence workloads.
Growing power demand from AI and other data-heavy industries is helping power equipment makers like GE Vernova tap long-term growth in U.S., strengthening its grid and turbine businesses.
Shares of Vernova, which was spun off from General Electric in March 2024, have surged more than 345% since the split. They were up nearly 4% in premarket trading.
The company reported orders worth $14.6 billion, a 55% rise, led by equipment demand in power and electrification sectors.
GE Vernova had on Tuesday said it would acquire the remaining 50% stake in transformer manufacturer Prolec GE for $5.28 billion, strengthening its North American grid equipment business.
It reported an adjusted profit of $1.67 per share, beating expectations of $1.62, according to data compiled by LSEG.
Its electrification unit reported a core profit of $393 million, up 95.5% from a year ago, while the power unit posted $645 million, a 29% rise, driven by demand for grid equipment and steam and gas turbines.
The company's wind unit narrowed its core loss to $61 million from $317 million, supported by
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