GE Renewable Energy saw its revenues in Q3 grow 13% year-on-year to $4.43 billion, while order income totalled $5 billion — up 30% on the same quarter of 2018.
For onshore wind, GE received 3.41GW of new business, a 56% increase on the same period a year ago. Meanwhile, it was named preferred supplier to deliver its 12MW Haliade-X offshore wind turbine for 4.8GW of offshore wind projects in the US and the UK.
|Reporting Period||Segment Profit / (Loss)||Revenue|
|Q4 2018||$67 million||$3,361 million|
|Q1 2019||($162 million)||$1,604 million|
|Q2 2019||($184 million)||$3,627 million|
|Q3 2019||($98 million)||$4,425 million|
It is the third straight quarter of posting an operating loss. In Q1, GE Renewable Energy recording a segment loss of $162 million, followed by a further loss of $184 million in Q2.However, the business segment posted a operating loss of $98 million, compared to $116 million profit in Q3 2018.
The company explained the loss in Q3 was "driven by higher losses on legacy contracts, pricing, tariffs and increased R&D investment".
It was partly offset by "cost productivity and strong volume", the company added.
For the nine-month period between January and September, GE Renewable Energy saw orders income grow 22% to $12.2 billion and revenues increase 10% to $10.6 billion. Segment performance across the first nine months has fallen from a $312 million profit to a $469 million loss.