GE Renewable Energy has reported a loss of $99m in its second quarter financial results compared with a loss of $251m in the same quarter of 2020.
Segment margin, while negative, expanded by 480 basis points, while revenues grew by 16% to $4bn in the second quarter of this year.
GE Renewable Energy also increased its orders to $3.2bn in the second quarter of 2021, up 7% on the same quarter last year.
Services orders were up, where onshore wind more than doubled due to increased repower demand, which was partially offset by lower onshore wind equipment orders amid US production tax credit (PTC) uncertainty, said GE.
Highlights of the quarter include finalising contracts to provide 87 Haliade-X 14MW wind turbines for the third phase of the Dogger Bank offshore wind farm in the UK and an agreement for 107 GE 2.82-127 turbines and 20-year servicing for the 302MW Lincoln Land wind project in Illinois, the US.
GE chairman and CEO H Lawrence Culp said: “The team is committed to innovating for a more sustainable world with leading positions in the future of flight, precision health, and the energy transition.
“With our focus on profitable growth and cash generation, I am confident we are well-positioned to achieve high single-digit free cash flow margins over time.”