GE Vernova Reports 21% Drop in Wind Division Revenues for Q2 2024

Credit: GE Vernova

announced a 21% decline in revenues for its wind division during the second quarter of 2024, totaling $2.1 billion. This decrease was attributed to lower wind deliveries, partially offset by wind backlog execution.

The company reported an EBITDA loss of $117 million for the wind segment, an improvement from the $259 million loss recorded in the same period the previous year. GE Vernova provided a forecast update, indicating that the wind unit is expected to be “approaching profitability” by the end of the year.

Additionally, the three-month orderbook dropped 44% year-on-year to $2.2 billion, primarily due to the cancellation of a large offshore wind order from the second quarter of 2023. Onshore wind orders experienced a slight decrease, mainly in , where customers are dealing with interconnection queues and higher interest rates.

During the period, GE Vernova secured wind turbine orders totaling 1.8GW, including orders for repowering projects.

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