GE Vernova Turns To Q1 Profit On Increase In Revenue; Stock Up In Pre-market

(RTTNews) - GE Vernova Inc. (GEV), an energy equipment manufacturing and services firm, Wednesday reported a profit for the first quarter compared with a loss in the prior-year quarter, primarily helped by growth in revenue. The company's shares were more than 8% up in pre-market.

GE Vernova posted a profit of $264 million or $0.91 per share for the first quarter, compared with a loss of $106 million or $0.47 per share in the same quarter a year ago.

Revenue for the quarter grew 11% to $8.032 billion from $7.260 billion in the previous year.

In the first quarter, the company's orders were $10.2 billion, up 8% organically.

For the full year, GE Vernova continues to expect revenue in the range of $36 billion-$37 billion.

GE Vernova stock had closed at $326.07, up 4.15% on Tuesday. It has traded in the range of $138.67 - $447.50 in the last 1 year.