General Electric (NYSE:GE) expects to spin off GE Vernova at the beginning of the second quarter of 2024, the company said on Tuesday as it announced third-quarter results, which showed that its Grid and Onshore Wind businesses were both profitable in the quarter.
“With our two largest Renewable Energy businesses delivering and Power’s continued strength, we remain highly confident in GE Vernova’s spin-off next year,” said GE chairman and chief executive H. Lawrence Culp. GE Vernova will be listed on the New York Stock Exchange under the ticker symbol “GEV.”
The renewable energy segment, part of GE Vernova, recorded a third-quarter loss of USD 317 million (EUR 298m), narrowing from USD 934 million a year ago. Revenues increased by 15% reported and 14% organically on equipment growth in Grid, North America Onshore Wind and Offshore Wind.
| in USD millions | Q3 2023 | Q3 2022 | 9mo 2023 | 9mo 2022 |
| Orders | 3,918 | 3,727 | 17,558 | 9,628 |
| Revenues | 4,151 | 3,594 | 10,837 | 9,564 |
| Segment profit/(loss) | (317) | (934) | (1,090) | (1,786) |
| Segment profit/(loss) margin | (7.6)% | (26)% | (10.1)% | (18.7)% |
The company said the margin improvement reflects the non-repeat of higher warranty and related reserves in the third quarter of 2022, as well as better pricing and productivity.
(USD 1 = EUR 0.941)
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