GE Vernova on Wednesday raised its financial targets for 2024, saying it was "encouraged" by its solid performance in the first six months of the year.

Buoyed by demand linked to the electrification of the economy, the American group saw its sales rise by 1% to $8.2 billion in the second quarter alone, including organic growth of 2%.

Its adjusted operating income recurring (Ebitda) came to $524 million excluding non-recurring items in the quarter, compared with $203 million a year earlier.

On an adjusted basis, the operating margin consequently came to 6.4%, compared with 2.5% a year earlier.

Free cash flow (FCF) was positive at $821 million, compared with negative $447 million for the same period last year.

For the full year, Vernova now expects annual sales and adjusted operating margin to be at the upper end of the ranges of $34-35 billion and 5%-7% previously set.

Cash flow is now expected to be between 1.3 and 1.7 billion dollars this year, instead of between 700 million and 1.1 billion.

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