GE Vernova has posted a loss of $61m loss in its wind division, down from the $317m loss the company’s wind division posted this time last year.
Segment earnings were down to $2.65b from the $2.89b GE Vernova reported for its wind division compared with the same period last year, driven by charges for blade impact events.
The narrower losses this year were driven by Onshore Wind equipment profitability, price, and productivity, and were partially offset by the impact of tariffs.
The company reported lower contract losses for offshore wind, offset by the nonrecurrence of a $500m the company gained last year in a settlement on a previously cancelled offshore project.
GE Vernova also posted $1.83b in orders in its wind division this quarter, 5% higher than the $1.75b-worth of orders the company reported in the third quarter of 2024.
The higher order figure was thanks to higher onshore wind services, while the company reported lower equipment orders than a year ago.
CEO Scott Strazik said: “We are leading from a position of strength and are focused on long-term growth and returns.
“This era of increased electricity investment has just started, and we have substantial opportunity ahead of us as we provide the solutions required to help the world electrify to thrive and decarbonize.”