Piotr Swat/ SOPA Images/ LightRocket/ Getty Images
GE Vernova shares (GEV), which are traded in the premarket on Wednesday, have fallen after the company announced worse than expected fourth quarter results.
On revenue of $10.56 Billion, the company posted a net profit of $484 M, or 1.73 cents per share. Visible Alpha polled analysts who expected to make a profit between $634.5 and $2.30 on revenue $10.74.
GE Vernova’s wind division reported earnings of only $19million, and a total loss of $588million for the entire year. It had said that it should have been “approaching profitability” By the end of fiscal year
This was GE Vernova’s first full-quarter as an independent business. The company posted an unexpected quarterly loss as a result of losses on contracts in its offshore-wind business.
Bank of America analysts increased their price target and upgraded the stock of GE Vernova last week. The reason given was that they were optimistic about gas turbines’ rising prices.
GE Vernova shares, which dropped 4% immediately following the report, have roughly tripled in value since the firm spun off from GE Aerospace (GE) last April. GE Aerospace will report its fourth quarter results on Thursday.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
