GE recorded a profit of $5m for its renewables division for the third quarter ending 30 September 2020. This compares to a $98m deficit reported for the same period last year.
GE said the improvement was driven by better pricing and cost deflation at onshore wind and cost reduction measures, partially offset by the product mix of onshore wind deliveries
Revenues of $4.5bn were mainly generated by onshore wind, with new unit turbine and repower kit deliveries.
Orders of $4bn were down 21%, primarily due to the non-recurrence of the Offshore EDF project and lower repower orders at onshore wind.
In addition, during the report period GE it launched the uprated 13MW Haliade-X offshore wind turbine to power what is set to become the world’s largest offshore wind farm Dogger Bank.
GE chairman and chief executive H. Lawrence Culp Jr (pictured) said: “We are improving our profit and cash performance with organic margin expansion in every segment except aviation, though orders more broadly remain under pressure.”
“We are managing through a still-difficult environment with better operational execution across our businesses, and we are on track with our cost and cash actions.
“While our work continues, GE’s transformation is accelerating, and we expect Industrial free cash flow to be at least $2.5bn in the fourth quarter and positive in 2021. We remain focused on unlocking upside potential for the long term.”