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Looking ahead, we see increased demand for gas as a reliable source of baseload generation, which is resulting in incremental growth opportunities for both gas equipment and gas services over the medium to long term. We anticipate additional 2024 CapEx at Power to fulfill demand on gas orders that are already booked, and we continue to evaluate strategies to meet potential additional demand acceleration.
gas demand growing
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2024 Q2
5 Sep 24
Power
power
Transcript
2024 Q2
5 Sep 24
Wind.
wind
Transcript
2024 Q2
5 Sep 24
Electrification
electrification
Transcript
2024 Q2
5 Sep 24
We are raising our 2024 guidance and now expect revenue to trend towards the higher end of our $34 billion to $35 billion range, largely on Electrification. We now expect our adjusted EBITDA margin to be 5% to 7%, up from previous expectations of the higher end of mid-single digits. The improvement is driven by Power, which we now expect will deliver 150 to 200 basis points of organic margin expansion and Electrification, where we expect high single-digit margins.
We are also raising our 2024 free cash flow guidance.
We expect to deliver between $1.3 billion and $1.7 billion, up from the prior $700 million to $1.1 billion range. Overall, with continued demand growth, further margin expansion and strong free cash flow, we feel confident about the momentum in our business for years to come. I will now turn the call over to Ken for more details on our second quarter performance and our latest guidance.
guidance raise
Transcript
2024 Q2
5 Sep 24
We have not identified information indicating an engineering design flaw in the blade or information of a connection with the blade event we experienced in an Offshore Wind project in the U.K., which was caused by an installation error out at sea.
We are working with urgency to scrutinize our operations across Offshore Wind. Pace matters here, but we are going to be thorough instead of rushed.
blade issue
Transcript
2024 Q2
5 Sep 24
While we grew onshore backlog in the quarter, we remain cautious on the timing of an inflection in onshore orders as customers navigate the challenges that come with permitting new projects and higher interest rates
cautious on shore wind
Transcript
2024 Q2
5 Sep 24
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