Scott Strazik's GE Vernova Has a $176 Billion Backlog. So Why Did Wall Street Sell the Stock?
There just wasn't room for anything less than perfection. But, there's a "but."
Overview
There's no denying GE Vernova's (NYSE: GEV) business is booming. Last quarter's revenue grew 22% year over year to $11.1 billion, versus estimates of only $10.8 billion. Its backlog grew by $13 billion as well, reaching $176 billion, prompting the company to raise its full-year guidance from a range of $45.5 billion to $46.5 billion to a revised range of $44.5 billion to $45.5 billion.
It's profitable, too, with per-share profits improving from $1.86 in Q2 of last year to an adjusted $2.47 per share this time around.
Details
That's the apparent reason GEV stock tumbled to the tune of 9% following the release of this quarterly earnings report, by the way... analysts were expecting a per-share profit of $3.18.
Source
Originally published at www.fool.com.
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