‘No longer expect profits step-up’: GE Renewable Energy loses $419m in second quarter

General Electric said it no longer expects profitability to improve at its GE Renewable Energy business in the second half of the year as pressure continues to pile on its onshore wind operation.

The GE Renewable Energy arm of the US industrial giant booked a $419m loss for the second quarter of the year, far higher than the $99m deficit in the same period in 2021. For the first half of 2022 that left the renewables operation with an $853m loss, widening a year earlier $333m deficit.