January 30 (Renewables Now) - The renewable energy segment of General Electric (NYSE:GE) turned to a 2019 loss of USD 666 million (EUR 604.7mm) from a profit of USD 292 million a year earlier.
The loss was recorded in spite of a 7% year-on-year increase in revenues, which came at USD 15.34 billion. Orders in the renewables division climbed by 10% in annual terms to USD 16.89 billion, the US conglomerate said on Wednesday.
The following table gives more details about GE Renewable Energy’s performance in the fourth quarter (Q4) and full 2019.
|Figures in USD million, except percentages||Q4 2019||Q4 2018||2019||2018|
|Segment Profit/(Loss) Margin (%)||(4.1)||(0.5)||(4.3)||2|
While GE did not cite any reasons for its negative bottom line for 2019, it said the quarterly loss was expanded due to execution issues, particularly in the grid business, onshore price headwinds, tariffs and increased research and development (R&D) investment.
Fourth-quarter orders declined by 11% reported and 10% organically due to the non-repeat of large deals in Hydro and Grid Solutions. Orders in Onshore Wind were unchanged from a year earlier, while the segment registered record deliveries by supplying 1,553 of turbines and repower kits, the bulk of which were ordered for US projects.
(USD 1.0 = EUR 0.908)