Jan 28 (Reuters) – GE Vernova on Wednesday forecast annual revenue above Wall Street expectations, backed by strong sales of its gas turbines and storage equipment to power generation firms that are rushing to meet rising demand from data centers. Shares of the company rose nearly 4% in trading before the bell. GE Vernova is […]
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GE Vernova forecasts revenue above estimates on strong demand for power equipment
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Jan 28 (Reuters) – GE Vernova on Wednesday forecast annual revenue above Wall Street expectations, backed by strong sales of its gas turbines and storage equipment to power generation firms that are rushing to meet rising demand from data centers.
Shares of the company rose nearly 4% in trading before the bell.
GE Vernova is one of the biggest beneficiaries of rising global electricity demand, driven by data centers that are powering an artificial intelligence boom.
The company expects 2026 revenue between $44 billion and $45 billion, higher than average analyst estimate of $41.97 billion, according to data complied by LSEG data.
The company reported $59.3 billion in orders during the quarter, a 34% jump, compared with the same reporting period a year earlier, led by growth in its power and electrification units.
Its electrification unit reported a core profit of $505 million, up 78.4% from a year ago, while the power unit posted $971 million, nearly a 20% rise.
(Reporting by Vallari Srivastava and Sumit Saha in Bengaluru; Editing by Anil D’Silva)