Low orders hit GE Renewable Energy profit

UNITED STATES: GE Renewable Energy has reported a profit of $128 million in the second quarter of 2016, 11% down on 2015 due to a fall in orders.

by David Weston 25 July 2016

GE sold 251 fewer turbines in Q2 2016 compared to a year earlier

GE said the $2 billion of orders was down 6% with 251 fewer units sold compared with the same period of 2015.

Revenue however was up 28% for the renewables division formed following its acquisition of Alstom's power business in November 2015.

The increase in revenue was due to an increase in wind turbine shipments, GE said.

GE's total group revenue was recorded at $33.5 billion, up 15%.