GE Renewable Energy revenues up 66% in Q3

UNITED STATES: GE's renewable energy business reports increased revenues of $2.78 billion in Q3, with nine-month figures also up 51%.

by David Weston 24 October 2016

Orders in Q3 totalled $3 billion, up 59%, GE said

In the three months ending 30 September 2016, revenues at GE Renewable Energy increased to $2.68 billion, up from $1.67 billion in 2015.

Over the nine months of 2016, revenues also increased from $4.34 billion to $6.54 billion.

The firm said it received $404 million in orders to repower and upgrade its US turbine fleet.

Orders also included the contract to in Germany.

"Orders in the quarter totalled $3 billion, up 59%. Core orders, excluding Alstom, of $1.9 billion grew 3%," said GE chief financial officer Jeff Bornstein.

"We expect Q4 orders to be strong as the final fully qualified US PTC orders are placed. Repowering, upgrades and new units provide a strong outlook for Q4 and the future," Bornstein added.