GE green profit soars 26%
Renewable energy arm boosted by repowering volumes in the US in 2017
GE Renewable Energy posted a profit of $727m in 2017, up 26% on the $576m reported in 2016.
The company’s revenue rose 14% to almost $10.3bn last year, from just over $9.0bn in the previous 12 months.
Orders grew 1% to just under $10.37bn from nearly $10.3bn previously.
In the fourth quarter of 2017, profit was up 25% to $203m, driven mainly by repower volumes in the US and what the company called “cost out”.
The figures would have been better but for lower onshore volumes and a “continuing unfavourable price” in the quarter, GE said.
Onshore turbine order volumes stood at 3014 in 2017, down from 3135 in 2016, while turbine sales volumes were 2798 last year from 3283 in the previous 12 months.