The following is a summary of the GE Vernova, Inc. (GEV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• GE Vernova reported Q1 orders worth $9.7 billion, expanding their backlog to $116 billion.

• Organic revenue growth of 5%.

• EBITDA margins expanded by 470 basis points year-over-year across all segments.

• Free cash flow improved over last year.

Business Progress:

• Successful launch as an independent entity with increasing dialogues with customers and policymakers about decarbonization.

• Over 800 Kaizen events executed in Q1 '24 leading to significant improvements in safety, cost, quality and delivery.

• Increase in Power Services orders and a 75% year-on-year growth in equipment orders.

• 'Electrification' segment saw significant demand with order levels double current quarter's revenue.

• With EBIT margins anticipated to hit mid-single digits in 2024, the company is experiencing margin expansion due to its increased backlog in electrification projects.

• The ongoing development of a 15.5-megawatt offshore wind product expected to run by end of 2025.

• Orders for electrification largely based in Europe, while the company sees great potential to expand into North America.

• Framework agreements being secured for future heavy-duty equipment capacity for utility customers.

• Aims at playing a pivotal role in energy transitions, focusing on incrementally adding to its offshore wind backlog.

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