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GE Renewable Energy recorded a Q4 loss of $347m, compared with a loss of $454m for Q4 2022.
Orders of $5.1bn for Q4 2023 increased 1% on a reported and organic basis, including the cancellation of a large offshore wind order originally booked in the second quarter of 2023.
Excluding this cancellation, orders grew over 20%, led by stronger onshore wind equipment and repowering.
Revenues of $4.2bn for Q4 2023 increased 23% reported and 19% organically driven by grid and offshore wind.
For 2023 in full GE Vernova’s GE Renewable Energy business posted a loss of $1.4bn compared with $2.2bn in 2022.
Overall, GE Renewable Energy’s operational turnaround produced “sizable improvement” in 2023 with further acceleration expected in these businesses in 2024, supported by growing energy transition demand and continued price and productivity.
GE Vernova CEO Scott Strazik said: “Looking ahead, GE Vernova is building momentum, expecting profit and free-cash flow growth in 2024 as a standalone company.
“Given multi-decade secular tailwinds and a stronger financial trajectory ahead, we’re excited to launch GE Vernova and partner with our customers to lead the energy transition forward.”
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