GE Renewable Energy Orders Up by Third in Q4

Source: GE Renewable Energy

GE Renewable Energy marked a 32 per cent rise in orders in the fourth quarter of 2016 compared to the same period a year earlier.

GE’s renewable energy arm attracted USD 3.3 billion worth of new orders in the last three months of 2016.

Core GE wind orders were higher by 48 per cent and climbed to over USD 3 billion. GE took orders for 1,180 turbines versus 827 last year, up 43 per cent.

The business also booked USD 300 million of additional re-power upgrades in services.

Revenues in the quarter grew 29 per cent to USD 2.5 billion with GE core revenue up 20 per cent. For the entire 2016, revenues were USD 9 billion, a 44 per cent jump compared to USD 6.3 billion in 2015.

The segment’s profit stood at USD 163 million in the fourth quarter of 2016, as compared to USD 56 million in the last quarter of 2015.

The annual profit for 2016 was USD 576 million, a 34 per cent jump compared to USD 431 million profit in 2015.

GE expects Renewables to have a solid 2017 and contribute double-digit earnings improvement.

”We expect to close the LM Wind Power acquisition in the first half and the vertical integration of blades will also help drive results,” the company said.

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