GE Renewable Energy reported losses of $234m in its first quarter results for 2021, compared with a loss of $327m in the first quarter of 2020, representing a year-on-year change of 28%.
Orders of $3.5bn were up 15% reported and 13% organically, primarily driven by a large high-voltage direct current (HVDC) order in the grid unit.
Orders for onshore wind and offshore wind also increased in the quarter.
Revenues of $3.2bn were up 2% reported and flat organically.
In onshore wind, equipment was higher with more than 760 new units delivered in the quarter.
Onshore wind services were down as GE did not deliver any repower upgrades, though excluding repower, services were up.
Offshore wind grew due to EDF’s 6MW PBG project in Saint-Nazaire, France, partially offset by lower revenue in the grid business.
Segment margin was negative reported but expanded by 310 basis points organically, primarily from cost productivity and execution in onshore wind.
In grid and hydro, cost out and better project execution more than offset the incremental restructuring expenses, GE said.
Highlights for GE Renewable Energy’s first quarter include securing the largest combined onshore wind project order in the segment’s history, consisting of more than 530 turbines for the 1.5GW North Central Wind Energy Facilities in Oklahoma.