GE loses USD 151m from wind division

Uncertainty, supply chain pressure and delays among customers all factor into dwindling profits from onshore wind for the US-based OEM, still showing losses on offshore wind and now downgrading its full-year guidance.

Photo: GE Renewable Energy

In a general sense, performance has for once completely exceeded expectations for General Electric. Three quarters into the year, the US industrial conglomerate upgrades its financial outlook on both top and bottom lines as well as free cash flow – with one small exception.

GE Renewable Energy, the renewable power division, has developed entirely in the opposite direction. Revenue is down 7 percent, with the deficit growing to USD 151m during the quarter. Whereas a surge in annual sales had otherwise been predicted, GE now projects that its renewable power revenue will remain "approximately flat" compared to the USD 15.7bn booked for the same post last year. Meanwhile, positive cash flow is no longer expected from the unit.

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