Releasing its second quarter earnings details on July 30, GE indicated that its industrial businesses will generate as much as $1 billion in cash this year, up from the previous range of no more than zero.
Orders of $4.9 billion were down 22% reported and up 2% organically. Gas Power orders were up 27% reported and 28% organically, including orders for 16 heavy-duty gas turbines and 4 aeroderivative units, and Power Portfolio orders were down 62% reported and 32% organically, largely driven by Steam Power Systems order timing. Revenues of $4.7 billion fell 25% reported and 5% organically. Segment profit of $117 million was down 71% reported and 69% organically. Gas Power revenues and margins declined, principally driven by lower volume and mix. Gas Power fixed costs were down 10% from the same period last year. The team continues to focus on reducing cost and improving operations.
Renewable orders of $3.7 billion were up 35% reported and 38% organically, with onshore orders up 87% reported driven by North America. Revenues of $3.6 billion were up 26% reported and 33% organically.