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 onshore wind deliveries, partially offset by offshore 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 North America, 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.
