General Electric (GE) said on Wednesday it had cut 700 jobs in its power division in the first quarter of 2020.
GE said it was on track to reduce capital expenditure by 25 percent this year. Its recent debt refinancing has left it with no debt maturing in 2021, the company said in a conference call to discuss first-quarter earnings.
GE’s total revenues dipped 8 percent to $20.5 billion in the first quarter. Total orders fell 5 percent to $19.5 billion, according to GE press release.
GE’s power business generated revenues of $4 billion (–13 percent), with Gas Power and Power Portfolio both down 12 percent.
Orders for GE’s power business increased 12 percent to $4.1 billion. Gas Power orders rose 8 percent, and included orders for 9 gas turbines, including two HA units and three aeroderivative units. Power Portfolio orders rose 27 percent, with strong equipment orders in Steam Power and Power Conversion.
GE’s renewable energy business generated revenues of $3.2 billion (+26 percent), mainly driven by Onshore Wind, with new unit turbine deliveries of 731 and repower kit deliveries of 219.
GE’s orders in renewable energy business fell 13 percent to $3.1 billion, with equipment and services orders down, while international orders were up 11 percent.
GE’s renewable energy business reported loss of $302 million mainly driven by the non-recurrence of a non-cash gain in the first quarter of 2019, supply chain disruption due to COVID-19, and fulfillment delays, partially offset by higher Onshore Wind volume.