GE Vernova’s wind division reported a reduction in EBITDA losses for the segment to US$588m in 2024.
This compares to a loss of US$1bn in 2023.
Revenues of US$9.7bn were down 1% from US$9.8bn on a US GAAP basis and organically, driven primarily by offshore wind.
Total year orders of US$7.1bn decreased 38% organically, due to “lower onshore wind equipment”.
However, GE Vernova secured more than 1GW of US Onshore Wind repowering orders in 2024, an increase of 76% from 2023.
GE Vernova CEO Scott Strazik (pictured) said: “GE Vernova built a strong foundation in 2024 with solid orders and revenue growth, as well as significant margin expansion and cash generation.
“We saw strength in Power and Electrification and improvement in Wind, while growing our equipment backlog at better margins.
“Our progress reinforces the important role we play in electrifying and decarbonizing the world as we deliver on accelerating demand for our equipment and services. Our lean culture is driving operational improvement across safety, quality, delivery, and cost.
“As we enter 2025, I’m grateful for our team’s dedication and optimistic about the future as we continue creating value for our stakeholders.”
The company said offshore wind performance was “challenging” in the year, as the company recorded approximately $1bn of incremental contract losses in 2024.
The loss was “largely due to the impacts of blade events and blade execution delays”, chief financial officer (CFO) Ken Parks told analysts, referring to blade failures at the 804MW Vineyard Wind array in the US, and the 1.2GW Dogger Bank A site in the UK.