Turbine prices "drag" down GE profits
GE's overall profit for the energy sector in the fourth quarter was down 3% on the previous year at $1.67 billion, and Sherin, speaking to analysts at a results presentation on Friday, blamed this fall on the wind sector, saying that growth in both order and sales volumes had failed to make up for the fall in turbine prices and profit margins.
January 23, 2012
by John McKenna
in Windpower Monthly,
Falling turbine prices and a subsequent drop in profit margins in GE's wind business acted as a "drag" on the entire company's profits, according to GE chief financial officer Keith Sherin.
Renewable-energy orders in the fourth quarter of 2011 were $2 billion, up by 53% compared to the same period in 2010, with 1,023 wind turbines ordered compared to 477 in Q4 2010.
Meanwhile revenue for renewables was $1.6 billion, up 15% on the fourth quarter of 2010, with 688 wind turbines shipped versus 592 in the last quarter of 2010. For the entire year, GE shipped 1,956 turbines,... [continue via Web link]