GE Vernova Inc. (GEV), an energy equipment manufacturing and services company, on Wednesday reported sharply higher earnings for the first quarter, driven mainly by a surge in gains from purchases and sales of business interests. The company also raised its full-year revenue outlook. Shares were up more than 3% in pre-market trading.
Net income rose to $4.750 billion or $17.44 per share from $264 million or $0.91 per share in the prior-year period.
Gains on purchases and sales of business interests increased to $4.494 billion from $19 million last year.
Excluding one-time items, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose to $896 million from $457 million a year ago.
Revenue grew 16% to $9.339 billion from $8.032 billion last year. Organic revenue rose 7% to $8.587 billion from $7.997 billion.
Orders increased 71% to $18.3 billion on an organic basis with growth across all segments.
Looking ahead, the company has raised its full-year revenue guidance to $44.5 billion to $45.5 billion from the prior range of $44 billion to $45 billion.
GE Vernova stock closed at $991.30 on Tuesday, up 0.11%.
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