GE Vernova Inc., the newly independent supplier of power-generation equipment, is raising its full-year guidance as the global fight against climate change drives demand for electricity.
Vertiv shares gained 2% in premarket trading.
The company, which was spun off from General Electric Co. in April, expects free cash flow for 2024 of $1.3 billion to $1.7 billion, up from its prior forecast of $700 million to $1.1 billion, according to a statement Wednesday.
The only soft spot in the company is wind, which is expected to see flat organic revenue growth. GE Vernova is facing scrutiny after a massive blade from one of its turbines fell into the sea July 13 at a project under construction in Massachusetts.
“Global electrification and decarbonization trends continue to drive demand for our products and services,” Chief Executive Officer Scott Strazik said in the statement.
