GE Vernova Completes Spin-Off and Begins Trading on the New York Stock Exchange

Author photo: Craig Resnick
ByCraig Resnick
Category:
Company and Product News

GE Vernova announced on April 4, 2024, that its spin-off from GE (NYSE: GE) is complete, and it will begin trading as an independent company on the New York Stock Exchange (NYSE) under the ticker symbol “GEV,” effective at the market opening on April 4th.  GE Aerospace also launches as an independent company on April 4, 2024.

GE Vernova Completes Spin-Off

GE Vernova has over 80,000 employees across over 100 countries. Many utilities, developers, governments, and large industrial electricity users rely on the company's installed base to generate, transfer, orchestrate, convert, and store electricity more reliably and efficiently. With an installed base of over 7,000 gas turbines, GE Vernova claims as world’s largest, approximately 55,000 wind turbines, and edge electrification technology, GE Vernova claims that it helps to generate approximately 30% of the world’s electricity. 

GE Vernova provided its outlook by 2028 including achieving mid-single digit organic revenue growth, 10% adjusted EBITDA margin, and 90-110% free cash flow conversion.

GE Vernova serves what it estimates is a $265 billion industry segment that it estimates to grow to $435 billion by 2030. Increased electrification and decarbonization needs offer large opportunities, with generation capacity projected by the company to more than double by 2040. To capitalize on this opportunity, the company is focused on executing with sustainability, innovation, and lean at its core and investing approximately $1 billion annually in research and development to help drive breakthrough energy transition technologies.

The spin-off of GE Vernova was achieved by GE’s distribution of all shares of the common stock of GE Vernova Each holder of record of GE common stock received one share of GE Vernova common stock for every four shares of GE common stock held on March 19, 2024.

GE Vernova will announce its first quarter earnings on April 25, 2024, at 7:30 AM ET, which can be accessed at www.gevernova.com/investors

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