What happened: GE Vernova (GEV) stock jumped 8% on Wednesday morning, on pace to extend its year-to-date rally of more than 50%.
Why the stock is moving: The company’s quarterly results beat analyst expectations, and the gas turbine maker raised its outlook for several of its metrics.
First quarter revenue jumped 16% to $9.34 billion, exceeding expectations of $9.11 billion.
GE Vernova now expects full-year revenue of $44.5 billion to $45.5 billion, up slightly from $44 billion to $45 billion. The company also increased its free cash flow forecast to $6.5 billion-$7.5 billion, up from $5 billion-$5.5 billion.
“Demand is accelerating for our Power and Electrification solutions from a diverse set of customers, with our backlog growing by more than $13 billion quarter over quarter,” GE Vernova CEO Scott Strazik said in the company’s earnings release.
Visitors watch the first Chinese-made HA-class gas turbine model on display at the GE Vernova booth in Shanghai, China, Nov. 6, 2023. (Costfoto/NurPhoto via Getty Images)
· NurPhoto via Getty Images
What else you should know: Gas turbines and related services have emerged as one of the hottest segments in the energy market over the past year, driven largely by surging power demand from AI data centers.
Reshoring and onshoring manufacturing are further amplifying electricity demand. Energy-intensive operations like semiconductor fabs and battery plants require reliable power sources.
GE Vernova sits directly at the intersection of these trends. The company has been dubbed the “supermarket” for the electric power industry, offering everything from natural gas turbines for generating electricity to power plant and grid modernization services.
The stock has soared more than 50% this year after a 98% jump in 2025.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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