GE Vernova reported an improving picture at its renewable energy business as it raised revenue and profits forecasts and reported record orders for the segment.

GE is racing to turnaround the fortunes of the loss-making renewables arm in time for a planned spin-off of Vernova in 2024.

"We're pleased with our progress and momentum but, of course, more remains to be done," CEO Larry Culp said on an earnings call.