GE Vernova Q3 Preview: Analyst Projects Orders Growth Of 44%

GE Vernova Inc’s (NYSE:GEV) orders likely surged 44% year-on-year to $21 billion in the quarter, according to Bank of America Securities analyst Andrew Obin.

The GE Vernova Analyst: Ahead of the company’s third-quarter financial results, set for release before the market opens on Oct. 28, Obin maintained a Buy rating and price target of $1,310.

The GE Vernova Thesis: While orders likely surged to $21 billion, representing a 1.70x book-to-bill ratio, the figure is modestly below the $22.2 billion consensus.

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The growth in the energy equipment manufacturing and services company’s orders consists of:

• Power orders: $13.4 billion
• Electrification orders: $6.2 billion
• Wind orders: $1.5 billion

The estimate is based on management’s September commentary on gas power equipment and data center orders in the Electrification segment, Obin said in the note.

Power: Obin expects gas power equipment contracts, including both firm orders and slot reservation agreements (SRAs), to reach 13 gigawatts (GW) in the third quarter and 14 GW in the fourth quarter.

While this would be below the 20 GW of contracts in the second quarter, it still grows from 12 GW in the third quarter of 2025, he noted.

Electrification: Orders are likely to decline sequentially but still show year-on-year growth, the analyst said. The forecast for Electrification orders stands at $6.2 billion. That’s down from $6.3 billion in Q2, but still up from $5.1 billion in Q3 of 2025.

Wind: The $1.5 billion order forecast represents an 18% year-on-year decline. It’s also below the trailing 12-month (TTM) quarterly average of $1.9 billion, Obin said.

He expects GE Vernova to report revenue of $12.4 billion and adjusted EBITDA of $1.8 billion. It topped consensus estimates by 3% and 7%, respectively.

GEV Price Action: GE Vernova shares declined 1.25% to $896.38 at the time of publication on Tuesday.

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