Back to top

Image: Bigstock

GE Vernova (GEV) to Report Q2 Earnings: What's in the Cards?

Read MoreHide Full Article

GE Vernova Inc. (GEV - Free Report) is slated to report second-quarter 2024 results on Jul 24, after market close.   

Incorporated in April 2024, the company designs, manufactures, delivers and services technologies to create a more reliable and sustainable electric power system. In the last reported quarter, GEV delivered a negative earnings surprise of 70.8%.

Factors to Note

Solid services orders, as well as equipment orders for its Gas Power business in the recent past, backed by increasing demand for gas-powered electricity, are expected to have boosted GEV’s top-line performance in the second quarter.

GE Vernova Inc. Price and EPS Surprise

GE Vernova Inc. Price and EPS Surprise

GE Vernova Inc. price-eps-surprise | GE Vernova Inc. Quote

As demand for large-scale transmission-related equipment to interconnect renewables and move bulk power has been steadily improving, solid orders for its electrification business segment must have also contributed favorably to its revenue growth.

Low order volume for its onshore and offshore wind businesses must have had some adverse impact on the overall revenue performance.

The Zacks Consensus Estimate for revenues is pegged at $8.42 billion.

Factors like favorable price, productivity and continued cost reductions, combined with solid services growth, must have boosted GEV’s second-quarter earnings. This, along with solid revenue expectations, is likely to have bolstered the company’s overall bottom-line performance.

However, additional costs for being a stand-alone public company, as well as the cost transferred from GE corporate on IT, finance and HR, might have had some adverse impact on its quarterly earnings.

The Zacks Consensus Estimate for second-quarter earnings is pegged at 69 cents per share.

What the Zacks Model Unveils

Our proven model predicts an earnings beat for GE Vernova this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is the case here.

Earnings ESP: GEV’s Earnings ESP is +10.15%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.

Zacks Rank: GE Vernova currently sports a Zacks Rank of 1.

Other Stocks to Consider

Below we have mentioned the following players from the same industry that too have the right combination of elements to beat on earnings this reporting cycle.

NextEra Energy Partners (NEP - Free Report) is expected to report second-quarter 2024 results on Jul 24, before market open. It has an Earnings ESP of +8.11% and a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for second-quarter earnings is pegged at 59 cents per share, which suggests an 11.3% improvement from the second-quarter 2023 reported figure. The Zacks Consensus Estimate for sales is pinned at $366.9 million, which indicates a 4.8% increase from that reported in the prior-year quarter.

Ormat Technologies (ORA - Free Report) is slated to report second-quarter 2024 results on Aug 6, after market close. It has an Earnings ESP of +26.45% and a Zacks Rank of 3 at present.

The Zacks Consensus Estimate for second-quarter sales is pegged at $209.2 million, which implies a 7.4% increase from that reported in the prior-year quarter. The stock boasts a four-quarter average earnings surprise of 10.77%.

Crescent Energy Company (CRGY - Free Report) is set to report second-quarter results soon. It has an Earnings ESP of +7.61% and carries a Zacks Rank of 3 at present.

The Zacks Consensus Estimate for earnings is pegged at 31 cents per share, which calls for a 106.7% improvement from the second-quarter 2023 reported number. The Zacks Consensus Estimate for sales is pinned at $620.2 million, which indicates a 26% increase from that reported in the prior-year quarter.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Published in