GE Vernova Stock Slumps as Q4 Revenue, Profit Fall Short of Estimates | Global News Avenue

General Electric Vernova (GEVShares fell in premarket trading Wednesday after the energy company reported weaker-than-expected fourth-quarter results.

The company reported net income of $484 million, or $1.73 per share, on revenue of $10.56 billion. Analysts surveyed by Visible Alpha expected Profit was $634.5 million, or $2.30 per share, on revenue of $10.74 billion.

GE Vernova Wind Power Business Unit Report Earnings before interest, taxes, depreciation and amortization (EBITDA) With just $19 million, the division lost $588 million that year. I said before that the unit should be “Close to profitability” by the end of this fiscal year.

This is GE Vernova’s third full quarter as an independent company. Last quarter, it released unexpected loss Due to contract losses in its offshore wind business.

Last week, Bank of America analysts upgraded their ratings raised their price targets GE Vernova shares, citing optimism that the company could benefit from rising gas turbine prices.

GE Vernova shares fell 4% immediately following the report, but have roughly tripled in value since the company split from GE Aerospace (General Electric) last April. GE Aerospace to release report Fourth quarter results Thursday.