Wind turbine orders drag down GE in third quarter of 2013

Lower orders for wind turbines hit the performance of GE’s Infrastructure division in the third quarter of the year, and it expects revenues from the sector to fall 40% in 2013.

The US industrial giant told investors the wind decrease was the primary driver of a 5% year-on-year fall to $21.5bn in orders at its Infrastructure business segment.

The company booked orders for 241 turbines compared to 781 during the same period in 2011.

"It's a drag on us," chief financial officer Keith Sherin said, telling financial analysts that the decline in its wind turbine business was masking a robust performance by its other energy operations.

So keen was GE to make the point, large parts of its Q3 financial presentation were labelled "ex-Wind" to…

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