- Published: 30 April 2019 30 April 2019
GE Renewable Energy has announced results for the first quarter ending March 31, 2019.Orders of $2.4 billion were up 1% reported and 3% organically. Renewable Energy received its first order for the new 5 MW onshore Cypress platform and signed an agreement to install the first Haliade-X 12 MW offshore wind turbine.
Revenues of $1.6 billion were down 3% reported with equipment down 7% partially offset by services up 9%; however, revenues were up 3% organically. Segment profit was negatively impacted by liquidated damages and contract terminations in 2018. Excluding those items, the business was still down year over year, principally driven by higher R&D investment for the Haliade-X, tariffs, JV consolidation, and pricing. This was partially offset by cost productivity and higher volume.