GE cuts renewables loss as Q2 revenue rises 24%
General Electric made a $359m loss in its renewables division in the second quarter of 2023 despite a 24% year-on-year increase in revenues.
The company today reported its results for the three months ending on 30th June. This showed that it increased second-quarter renewables sales from $3.1bn in 2022 to over $3.8bn in 2023, and its quarterly loss narrowed from $419m to $359m over the same period.
In addition, the company announced nearly $8.3bn of orders in the quarter, driven by its offshore wind and grid operations.