Gamesa announces Q1 net profit

SPAIN: Gamesa has made a Q1 2014 net profit of EUR 7 million, an increase of more than double what was achieved over the same period last year.

Gamesa recorded sales of 567MW in Q1
Gamesa recorded sales of 567MW in Q1

The company also said operating margin had increased to 6% from 4.4 in Q1 2013, while operating profit was EUR 34 million. Net financial debt had fallen 10% to EUR 655 million.

Sales of 567MW were in line with guidance and 27% higher than Q1 2013. The company was helped by a strong performance in Latin America. Here it achieved 37% of its sales, which was a smaller proportion of overall shares than in 2013 when 53% came from the region.

The proportion of orders in Europe is at 7%, compared to 20% in Q1 2013. While US orders are up to 21% from 8%. Services revenue has also increased by 21.5% to EUR 104 million.

The strong results are a contrast to 2012's Q1s where Gamesa was hit by a EUR 21 million first quarter profit fall. At the time, it said the poor figures were the result of falling prices and costs related to new product development.

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