GE renewables profits increase in "very challenging" third quarter

UNITED STATES: General Electric (GE) reported quarterly profits in its renewable energy division were up 27% year-on-year, while revenues were 5% higher than 12 months previously.

by Craig Richard 20 October 2017

GE unveiled its new 4.8MW turbine in the third quarter of 2017

The American company’s renewables arm has seen its revenues grow to $2.90 billion during the  of 2017, compared with $2.77 billion in Q3 2016.

It also reported the division’s profits were $257 million during the third quarter — a 27% rise year-on-year.

GE Renewable Energy’s revenues grew to $7.41 billion in the first nine months of this year, a 13% higher than the same period of 2016.

Meanwhile, its profits totalled $524 million from January to September this year, also a 27% increase over 2016.

During the third quarter, GE won a contract from Invenergy to supply 800 turbines to American’s largest wind farm, the 2GW  project in Oklahoma.

The manufacturer also introduced its 4.8MW turbine — GE’s largest onshore turbine to date.

"This was a very challenging quarter," chairman and CEO John Flannery admitted.

"While a majority of our businesses had solid earnings performance, this was offset by a decline in Power performance in a difficult market."

GE’s Power division saw revenues fall 4% year-on-year in the quarter, and profits were down 51%.

Total group revenue totalled $33.5 billion in Q3, a 14% year-on-year increase.