April 25 (Reuters) - General Electric's energy spin-off company, GE Vernova , reported wider-than-expected first-quarter loss on Thursday, as weakness in its wind segment offset demand for natural-gas related equipment and services.
GE Vernova, which became an independent company this month following a three-way split of General Electric, provides services and equipment to the energy sector, operating through three main businesses - power, wind, and electrification.
The company's wind segment saw a 40% decline in orders on lower demand for onshore equipment as North American customers continue with the permitting processes for projects, the company said.
It had recently announced its decision to pivot away from the 18-MW turbine model, which led to New York State stalling three major offshore wind-energy projects.
In contrast, the power segment saw higher orders for gas turbines and more demand for gas power services due to outages, leading to a 6% jump in sales.
With approximately 54,000 wind turbines and 7,000 gas turbines, GE Vernova's technology base helps generate approximately 30% of the world's electricity.
The company maintained it was an "encouraging start to the year", and that it expects "cash generation to improve meaningfully every quarter this year".
The company said it saw solid results with significant margin expansion across all its business segments.
Total revenue was $7.3 billion in the quarter.
GE Vernova reiterated its full-year revenue forecast of $34 billion to $35 billion.
(Reporting by Mrinalika Roy in Bengaluru)
((mrinalika.roy@thomsonreuters.com;))
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