GE revenue from its renewables business was down 6% in the first three quarters of 2018, compared with the same period last year, while profit fell 51%.
The company reported wind revenue close to $6.2bn in the first nine months of the year, down from almost $6.6bn last year. Profit in the sector stood at $220m, down from $445m.
Profit was hit by pricing challenges in the market and a lower repower volume, GE said. Onshore sales helped to boost revenue, it added.
Renewables orders were up 26% to $26.8bn, while the company’s backlog in the sector was $16.3bn, a rise of 17%.
Overall, company revenue in the first three quarters of the year was over $88.3bn, a rise of 2% on the more than $86.6bn posted in 2017.
GE announced plans to reorganise its power business unit, however, there will be no changes to the renewables segment, a spokesman said.
GE chairman and chief executive Lawrence Culp said: “After my first few weeks on the job, it’s clear to me that GE is a fundamentally strong company with a talented team and great technology. However, our results are far from our full potential.
“We will heighten our sense of urgency and increase accountability across the organisation to deliver better results.
“We are on the right path to create a more focused portfolio and strengthen our balance sheet.
“My priorities in my first 100 days are positioning our businesses to win, starting with Power, and accelerating deleveraging.”