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CLAIM #26123 · GE (GE) · 2023Q3 earnings call · Oct 24, 2023 · due Dec 31, 2024

But I think as we look at '24 in onshore, we should be in the low single digit range with obviously the intention as we go through the budget cycle here in November and December to see if we can put together a credible plan to do better.

Larry Culp · CEO

PENDING
graded after results covering Dec 31, 2024 are reported

In context

shore and offshore wind, I'd love to hear any more details around the type of profitability you expect to exit on onshore wind this year. And then also with offshore, it seems like you're shipping more this year, and so that seems to be a good sign that you're getting through more of your unprofitable backlog. Any comments around that would be helpful as well. Larry Culp: Sure. I think to your first question, Joe, the answer is pretty simple. Yes, we should be in a position to bring forward Vernova ahead of our typical earnings announcement timeframe early in the second quarter. I would say with respect to onshore wind, again, a lot of improvement. It will be a profitable second half, not unfortunately a profitable full year. We've got a shot at doing that at grid, as I mentioned earlier. But I think as we look at '24 in onshore, we should be in the low single digit range with obviously the intention as we go through the budget cycle here in November and December to see if we can put together a credible plan to do better. But that's the way I would think about it just given the back half momentum that we'll have entering into next year. Rahul Ghai: And, Joe, just to kind of complete that picture on renewables total, we -- as Larry said, we expect at least onshore to be at least kind of low single digit margins. Grid would be kind of mid single digit range. Offshore, as Larry said in his prepared remarks, it kind of -- we expect kind of similar levels of losses next year. But if you put all that together, it's still a pretty significant improvement year-over-year on both profit and then even more so on cash. So that's what we are expecting. So we won't be too far off from the framework that Scott laid out at Investor Day for the renewables business. Larry Culp: And, Joe, just to make sure we're clear about

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SEC filings for GE · Claim quote is verbatim from the 2023Q3 earnings call.