GE Renewable Energy has reported a loss of $87m in its 2020 fourth quarter results, compared with a loss of $227m in the same quarter in 2019.
The unit reported a 34% increase in orders, worth $6.3bn, in Q4 of 2020, compared with $4.7bn in Q4 2019.
This was driven by “large onshore wind equipment orders” in North America as well as the company’s first Haliade-X order in offshore wind.
Revenues of $4.4bn were down 6%, mainly driven by more “heavily weighted” onshore wind deliveries last quarter, GE said.
GE Renewable Energy team delivered 1013 new unit turbines and 146 repower upgrades in the quarter, with onshore wind delivering “record volume” in the year.
Segment profit of negative $0.1bn was up 62%, primarily driven by improved pricing and project execution.
Renewable Energy ended 2020 with a $30bn backlog and is focused on continuing to improve its cost structure, project execution, and deal selectivity, the company said.
GE chairman and CEO Lawrence Culp said: “The fourth quarter marked a strong free cash flow finish to a challenging year, reflecting the results of better operations as well as strong and improving orders in power and renewable energy.
“Over the past year our team proved resilient, and momentum is growing across our businesses.
“We are in leading positions to capture opportunities in the energy transition, precision health, and the future of flight.
“As we continue our transformation, we remain focused on strengthening GE and delivering value for the long term.”