🔹 Revenue: $9.11B (Est. $8.80B) 🟢; UP +11% YoY
🔹 Adj. EPS: $1.86 (Est. $1.50) 🟢
🔹 Orders: $12.4B; UP +4% organically
🔹 Backlog: +$5.2B sequential growth
FY25 Guidance (Raised)
🔹 Revenue: Trending toward high end of $36B–$37B (Est. $37B) 🟢
🔹 Adj. EBITDA Margin: 8%–9% (raised from “high-single digits”)
🔹 Free Cash Flow: $3.0B–$3.5B (raised from $2.0B–$2.5B)
FY25 Segment Outlook
Power:
🔹 Organic Revenue: +6% to +7% (prev. mid-single digits)
🔹 EBITDA Margin: 14%–15% (prev. 13%–14%)
Wind:
🔹 Organic Revenue: DOWN mid-single digits
🔹 EBITDA Loss: ($200M)–($400M); trending toward lower end
Electrification:
🔹 Organic Revenue: +20% (prev. mid-to-high teens)
🔹 EBITDA Margin: 13%–15% (prev. 11%–13%)
Q2 Segment:
Power
🔹 Revenue: $4.76B; UP +7% YoY
🔹 Orders: $7.1B; UP +44% YoY
🔹 EBITDA: $778M; Margin: 16.4% (+260 bps YoY)
🔹 Signed 9GW of new gas equipment; Slot reservations: UP from 21GW to 25GW
🔹 SMR investment decision finalized with Ontario Power Generation
Wind
🔹 Revenue: $2.25B; UP +9% YoY
🔹 Orders: $2.06B; DOWN -5% YoY
🔹 EBITDA: -$165M; Margin: -7.3% (vs. -5.7% YoY)
🔹 Services cost and offshore tariff pressures offset onshore delivery gains
🔹 $100M invested in fleet improvement across 57,000 turbines
Electrification
🔹 Revenue: $2.20B; UP +23% YoY
🔹 Orders: $3.3B; DOWN -31% YoY
🔹 EBITDA: $322M; Margin: 14.6% (+740 bps YoY)
🔹 Driven by HVDC, switchgear, and transformer demand in Asia
Other Key Metrics:
🔹 Adj. EBITDA: $770M; UP +47% YoY
🔹 Free Cash Flow: $194M (vs. $821M YoY; decline due to one-time prior-year benefit)
🔹 Cash Balance: $7.9B
🔹 Capital Returned to Shareholders (YTD): $1.7B
🔹 Shares Repurchased: 1.2M for $400M in Q2 ($5.2M YTD at $306 avg)
🔹 Quarterly Dividend: $0.25/share (Declared for Q3)
🔹 CapEx: $200M (part of $4B plan through 2028)
🔹 R&D: $300M (part of $5B commitment through 2028)
🔹 Credit Rating: S&P BBB-, Outlook revised to Positive