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Spain

Gamesa upgrades 2016 forecast

SPAIN: Gamesa's net profits across the first nine months of 2016 were 63% higher than the same period in 2015, the manufacturer has announced, resulting in an increased outlook.

India has been Gamesa's biggest selling market in 2016
India has been Gamesa's biggest selling market in 2016

Net profit was recorded at €206 million, while revenues also increased by 32% to €3.34 billion.

Gamesa said the strong performance was due to a 42% increase in completed turbine sales.

The firm completed a total of 3.3GW of turbine sales in the nine-month period, up from 2.3GW a year earlier.

India remains Gamesa's biggest market,contributing 34% of the completed sales total, up from 28% in 2015.

There were also an increase in Latin America, while the US and Europe/Rest of the World remained flat. Activity in India offset a fall in the Asia Pacific region.

Gamesa won a record quarterly total of orders, 1.1GW in the third quarter, 8% up on Q3 2015, and taking its yearly intake to 3.3GW.

As a result of the strong financial results, Gamesa's board increased guidance for the year. It now expects activity volume to exceed 4.3GWe — up from 3.8GWe in February.

Pre-tax earnings of €450-€470 million are now expected against the €400 million predicted at the start of the financial year.

At the end of October, Gamesa's shareholders approved the merger with Siemens' wind business to form a €10 billion company. 

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