GE Vernova’s renewable energy segment has closed losses in the second quarter of 2023, ending 30 June.
The business reported a loss of $359m compared with a loss of $419m in the same period in 2022, a 14% change year-on-year.
Revenues for the quarter rose to $3.8bn, up from $3.09bn in the second quarter in 2022, driven by higher equipment deliveries across Wind and Grid businesses, with Offshore Wind revenues more than doubling year-over-year.
Orders rose to $8.3bn in Q2 2023, compared with $3.1bn in the same period last year, led by higher equipment at Grid and Offshore Wind, as well as Onshore Wind in North America.
GE said it is updating its GE Vernova business-specific guidance for 2023.
Mid-single-digit (MSD) organic revenue growth is up from low-single-digit (LSD) to MSD.
GE Chairman and CEO Larry Culp said: “GE turned in another strong quarter with double-digit growth in orders, revenue, operating profit, and cash… supported by services strength, robust market demand, and the lean transformation within our more focused businesses. In the first half alone, earnings have surpassed our full-year 2022 results…GE Vernova is strengthening pre-spin with record orders and improving profitability at Renewable Energy, and continued margin expansion at Power.”
“We continue to see long-term growth tailwinds, driven by the need for more sustainable, affordable, resilient energy, along with energy security.
“And we’re encouraged by the team’s progress as they use lean to strengthen operations, driving toward a significant inflection in 2024.
“I also saw our GE Vernova team for our onshore wind and grid operating reviews, where we discussed opportunities and challenges with equal candour and transparency.
“We are focused on how we grow these businesses profitably by applying real lean at the point of impact to drive results.”