Why GE Vernova Stock Jumped to a Record High on Thursday

  • December 2, 2024
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Key Takeaways

  • GE Vernova shares closed at their highest level since being spun off from General Electric in April.
  • The company said its offshore wind division should be profitable in the fourth quarter.
  • Strength in its power and electrification segments led the company to reaffirm its full-year guidance.

GE Vernova ( GEV ) closed at a record high Thursday after the recent General Electric spin-off reaffirmed its full-year financial guidance.

The energy company said Thursday at a Morgan Stanley investing conference that it expects revenue on the higher end of its previously disclosed $34 billion to $35 billion range, driven by strength in its power and electrification segments. Its offshore wind segment, which it projects to post a loss of $300 million in the third quarter, should be profitable by the fourth quarter.

Record Close Reached Thursday

Shares of GE Vernova climbed 2.9%, reversing an early-session decline, to close at $215.27.

The company began trading in April after General Electric spun off its energy division from the aerospace division, with the entities becoming GE Vernova and GE Aerospace ( GE ), respectively. GE Vernova’s shares are up more than 50% since their trading debut.

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