GE Renewable Energy returned to profit in the last quarter as General Electric CEO Larry Culp said he was “encouraged by the turnaround” at the clean energy OEM.

The renewables business delivered a $5m profit in the July-September third quarter, turning around a $98m loss at the same stage in 2019. It also returned GE Renewable Energy to the black after hefty losses in the first two quarters that left it $500m down at the half-year stage amid Covid-related issues.