GE forecasts weak 2023 profit on troubles at renewable business

Jan 24 (Reuters) – General Electric Co (GE.N) forecast a lower-than-expected 2023 adjusted profit on Tuesday, as the industrial major struggles persistent problems at its money-losing renewable energy business.Shares of GE fell about 1% before the opening bell after the company forecast an operating loss between $600 million and $200 million for its energy business GE Vernova in 2023.The renewable energy unit has been delivering poor results due to policy uncertainty following the expiry of renewable electricity production tax credits in 2021, which has hit customer demand.Parts shortages have also hobbled overall production and inflationary pressures have driven up costs, hitting margins and …
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