GE Renewable Energy narrows losses in 2020

US manufacturer stayed in the red in first half of the year, recorded its first quarterly profit since 2018 in Q3, and then reduced losses in the last three months of the year

by Craig Richard 26 January 2021

GE's Haliade-X prototype in the Port of Rotterdam, the Netherlands

GE Renewable Energy reported some positive developments in the last three months of the year but did not return to profitability in 2020.

It recorded a full-year loss of $715 million in 2020 – compared with a $791 million loss one year earlier – mainly due to improved pricing and project execution. 

The manufacturer saw a more pronounced improvement year on year in the last three months of the year – it made an $87 million loss in Q4 2020, but that is less than half the $227 million it lost in the same period in 2019.

The company claimed it ended the year on a high, having secured big onshore and offshore wind orders in Q4 – for the 2.4GW Dogger Bank A&B wind farms off the UK, for example, as well as the 1GW-plus Western Spirit complex in New Mexico. It also unveiled a new 6MW onshore wind turbine in the last three months of the year.

GE Renewable Energy also ended 2020 with a record order backlog worth $30 billion.

It secured $16.3 billion worth of orders in the calendar year, down 3% from 2019. This drop in order value for 2020 came despite Q4 orders rising 34%, driven by large onshore wind orders in North America. 

Meanwhile, its full-year revenues rose 2% to $15.6 billion, primarily driven by improved pricing and project execution, the manufacturer explained.

GE also recorded losses for both the quarter and the year in its capital division, but profits in its power, aviation and healthcare units.