Ge Vernova Inc Q4 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew Percoco - Morgan Stanley - Analyst : Good morning, guys.

Question: Andrew Percoco - Morgan Stanley - Analyst : Good morning. So maybe just to start out at a very high level here. I mean you guys gave a very comprehensive update back in December, but it's been a pretty active 48 hours or so with the new administration. Certainly some positives to point to on the AI investments and the gas infrastructure side but also some potential headwinds that we're seeing on wind. So can you maybe just give us your latest thoughts on how you're thinking about this incoming administration and how it might impact the outlook across each of your businesses?

Question: Julian Mitchell - Barclays Capital, Inc. - Analyst : Hi. Good morning. Maybe just wanted to ask my question around the power organic sales outlook for the year. So you grew, I think, low single digit or you're guiding for low single digits growth starting out the year organically, you've got that mid-single-digit guide for the year. Maybe help us understand sort of how we should think about that pace of acceleration through the balance of 2025. And also help us understand within power service, how we should think about the growth there? Should it be equivalent to equipment this year at sort of mid-single digits? Or do you see opportunities on the transactional side of power service maybe to get higher volume and price as gas power utilization rises? Thank you.

Question: Mark Strouse - JPMorgan - Analyst : Good morning, everybody. Thanks for taking our questions. So when we were together in December, you gave some color about increasing your pricing on the gas power side. Just curious if you can talk about order activity since then or maybe just kind of general customer receptivity to that? And do you have any near-term plans to raise pricing further? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 22, 2025 / 12:30PM, GEV.N - Q4 2024 Ge Vernova Inc Earnings Call

Question: Nicole DeBlase - Deutsche Bank - Analyst : Yeah, thanks. Good morning, guys.

Question: Nicole DeBlase - Deutsche Bank - Analyst : Can we talk a little bit about last week's SMR announcement, I thought that was really interesting. I guess, to what extent can deployment actually be accelerated? And does this kind of come with increased customer interest in the SMR offering? Thank you.

Question: Andrew Obin - Bank of America - Analyst : Yeah, with the headlines like Constellation buying Calpine seems people are getting excited about that gas. As we think about services and the scope of your activities as price of gas is going up over the next several years. Just trying to understand what happens to the scope of your service activities as price of gas -- if price of gas structurally goes up? And if you are starting to have those conversations with your customers.

Question: Julien Dumoulin-Smith - Jefferies - Analyst : Good morning. Nice to chat with you guys. Thank you very much. Look, you made illusion to this earlier about sort of the diversification in your turbine sales, right, not just H-Class but F and Aero. Can you speak a little bit more to the extent to which that might be accelerating given the availability dynamics and the supply constraints? And how that might drive volumetric upside where folks might have otherwise thought you were constrained in what you can do in that kind of '26, '27 time frame?

Question: Andrew Kaplowitz - Citibank Inc - Analyst : Good morning, everyone.

Question: Andrew Kaplowitz - Citibank Inc - Analyst : Scott, could you give more color into your commentary regarding accelerating capacity expansion to sell premium slots that you have on slide 6. I think at the Investor Day, you were careful to say you're going to be thoughtful and down quickly, you grow capacity. And maybe slide 6 commentary today seems slightly more appointed. I know you just talked about power and no real changes there, but what about an electrification? Are you potentially going to accelerate capacity a little bit on that side of the business?

Question: Joe Ritchie - Goldman Sachs - Analyst : Good morning, guys. So look, I think very few of us would have thought that over the past two years, you'd be able to grow that electrification equipment backlog to over $20 billion. It's pretty incredible. As you're looking out for 2025, Scott, any thoughts around how much that backlog can build? And then specifically as it relates to North America, really encouraging to hear that that business is now 20% to 25% of your business today. What's the opportunity in North America? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 22, 2025 / 12:30PM, GEV.N - Q4 2024 Ge Vernova Inc Earnings Call

Question: Moses Sutton - BNP Paribas - Analyst : Hi, thanks for squeezing me in. I wanted to continue on gas turbine pricing. At this point, new CCGTs are costing 2,000 per kilowatt all-in and rising perhaps. Is your content still tracking at 30% to 35% of that new build cost? And our pricing and bids, is there any differentiation between, I don't know, like a US 2027 versus an international 2028, which might have a little more open room. So just thoughts on that price level against the total content and then variation by geography and shipment near. Thanks.