This energy company has increased its annual revenue forecast to a range of $45.5 billion to $46.5 billion, representing a $1 billion rise from last year's total revenue.

A gas turbine inside a GE Vernova facility in Greenville, South Carolina. The company has announced an upward revision to its full-year revenue guidance.

Key Highlights

Driven by a significant surge in second-quarter orders and a further expansion of its order backlog, GE Vernova has raised its full-year revenue guidance to between $45.5 billion and $46.5 billion.

GE Vernova (stock ticker: GEV, down 0.03%) has lifted its full-year revenue expectation and also increased its profit margin target. A sharp rise in second-quarter orders has boosted the company's total backlog of orders.

The energy firm was spun off from General Electric. The company now anticipates full-year revenue in the range of $45.5 billion to $46.5 billion, which is $1 billion higher than last year's total revenue. It has also raised its free cash flow forecast and its adjusted profit margin guidance.

CEO Scott Strazik stated that the company currently has a backlog of $176 billion. Supported by robust global demand, revenue is expected to continue growing, and profit margins are projected to expand further.

In the second quarter, organic orders surged by 88% year-over-year, driven by its power and electrification business segments.

Financial results show that GE Vernova reported a second-quarter net profit of $649 million, or $2.47 per share. This compares to a net profit of $492 million, or $1.86 per share, in the same period last year.

The company's quarterly revenue increased by 22% year-over-year to $11.1 billion. This exceeded the consensus analyst estimate of $10.79 billion compiled by FactSet.