Jan 28 (Reuters) - GE Vernova on Wednesday forecast annual revenue above Wall Street expectations, backed by strong sales of its gas turbines and storage equipment to power generation firms that are rushing to meet surging demand for electricity.
Utilities are investing billions of dollars to upgrade capacity and grids due to an insatiable demand for electricity from companies that are powering the artificial intelligence boom, benefiting companies such as GE Vernova.
Orders in the latest quarter rose
34% to $59.3 billion, with gas power equipment backlog and slot reservation agreements expanding to 83 gigawatts (GW) from 62 GW previously.
CEO Scott Strazik said GE Vernova was entering 2026 with "significant momentum," citing improving margins and strong demand across its power platform.
The company expects 2026 revenue between $44 billion and $45 billion, higher than average analyst estimate of $41.97 billion, according to data compiled by LSEG data.
The company said its outlook also included the impact of its $5.28 billion acquisition of the stake it did not already own in transformer-maker Prolec GE.
However, the wind segment remained a drag on results, posting a $598 million EBITDA loss in 2025. The company has been grappling with challenges in its offshore segment owing to turbine failures and project delays.
The company expects wind revenue to fall by low double digits in 2026, with segment losses of about $400 million.
(Reporting by Vallari Srivastava and Sumit Saha in Bengaluru; Editing by Anil D'Silva)
