(Reuters) -GE Vernova reported first-quarter revenue on Wednesday that beat Wall Street estimates on the back of strong performance at its power and electrification units, sending its shares up more than 8% in premarket trading.
The results come at a time when the power industry is bracing for the impact of the Trump administration’s sweeping tariffs and policies, which have disrupted supply chains, raised costs and threatened the future of offshore wind projects.
The power equipment maker reaffirmed its annual revenue forecast of $36 billion to $37 billion, but added the forecast includes a cost impact of about $300 million to $400 million due to tariffs.
GE Vernova, which became independent last year after a three-way split of General Electric, reported total orders of $10.2 billion in the first quarter, up roughly 8% from last year.
Core profit at the electrification segment more than tripled to $214 million in the first quarter, while the power segment, GE Vernova’s largest unit, reported core profit of $508 million compared with $345 million a year earlier.
The company’s offshore wind business, which has faced several challenges, including project delays, cost inflation and supply chain issues, reported a core loss of $146 million during the quarter as orders dropped 44% to $640 million.
The Cambridge, Massachusetts-based company reported revenue of $8.03 billion in the three months ended March 31, compared with the average analyst estimate of $7.54 billion, according to data compiled by LSEG.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Shounak Dasgupta)
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