In its financial results for the third quarter, the company also announced it had met 100% of its sales guidance for 2010 and covered 33% of 2011’s estimate.
Only 1% of the third quarter sales came from Gamesa’s Spanish home market.
China doubled its share of Gamesa’s sales accounting for 29% of the orders while India, the US and Europe accounted for 9%, 22% and 26% respectively.
However, over the first nine months, revenue had fallen 28% to €1,786 million while Ebit also dropped 30% to €75 million. Net profit was down 71% to €75 million.
The fall has been partially attributed to competitive pricing and market conditions.
Gamesa has been busy in recent months announcing a series of new initiatives. Amongst this was its strategic plan 2011-2013 focusing on reducing the cost of energy of Gamesa machines by 20% by 2013 and 30% by 2015.
R&D investment includes the development of two new offshore turbines: the G11, at 5MW and the G14 at 6-7MW. The G11 and G14 prototypes are scheduled for spring 2012 and spring 2014, respectively, with serial production expected in 2013 and 2015.
Gamesa recently announced a €150 million investment to 2014, to establish a British offshore base. That will complement its UK R&D centre, scheduled to start developing the G14 in June 2011.
In September, Gamesa formed a partnership with US shipbuilder Northrop Grumman to develop and install the G11 prototype. Gamesa’s offshore R&D centre in Hampton Roads, Virginia, will open before end-2010, employing 40 engineers.