Oct 23 (Reuters) - Power equipment maker GE Vernova (GEV.N) , opens new tab reported higher third-quarter revenue on Wednesday as strong demand for power and electrification equipment and services helped offset weakness in the wind business.

The global push for a transition to renewable energy, along with an anticipated surge in power demand due to mushrooming data centers, is set to benefit power services firms like GE Vernova.

The company booked a 28% rise in orders in its power segment on higher demand for gas power services and equipment, while its electrification revenue rose 22%.

GE Vernova reported an 8% rise in overall third-quarter revenue to $8.9 billion, which came ahead of analysts' expectations of $8.78 billion, according to data compiled by LSEG.

Despite the higher revenue, shares fell about 3% premarket as the company's adjusted core profit fell short of market expectations, hurt by the wind segment underperformance.

Its adjusted core profit came in at $243 million. Analysts on average had expectations of about $276 million.

The company's wind business has faced several challenges, including cost inflation and supply chain issues. It has also struggled with delays in two major offshore projects due to the failure of turbine blades.

The wind segment posted a wider core loss, partly due to additional costs related to those two projects and a 19% decline in orders due to lower orders from onshore projects outside North America.

The company reported one fatality during the quarter.

Sign up here.

https://www.reuters.com/business/energy/ge-vernova-posts-higher-q3-revenue-power-demand-growth-2024-10-23/