Spain

Spain

Siemens Gamesa almost doubles net income

Siemens Gamesa Renewable Energy's (SGRE) net income grew 97% in the first nine months of the company's 2019 financial year due to improved productivity and increased sales volume.

Siemens Gamesa revenue in the first nine months was driven by “strong performance in all businesses”, especially offshore
Siemens Gamesa revenue in the first nine months was driven by “strong performance in all businesses”, especially offshore

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The manufacturer recorded a net income of €88 million between 1 October 2018 and 30 June 2019 despite "persisting lower pricing", volatility in emerging markets and "execution challenges" in some onshore projects in its third quarter (April - June) of the financial year.

Its revenue for the nine-month period increased 12% year-on-year to €7.28 billion, driven by "strong performance in all businesses", especially the offshore wind industry.

Siemens Gamesa said a particularly strong performance in new offshore markets, such as Taiwan, drove order intake to a quarterly record of €4.7 billion in its third quarter of the year.

Meanwhile, its order intake over the last 12 months increased 2.2% to €12.3 billion. This helped the manufacturer reach a record order backlog of €25.1 billion by the end of June.

Its Ebit margin before power purchase agreement, integration and restructuring costs dipped 0.8 percentage points to 6.5% over the nine month period.

However, the manufacturer attributed this to "short-term headwinds", such as "execution challenges in some onshore projects" and volatility in emerging markets.

It expects the Ebit margin to improve to 7-8.5% for the full 2019 financial year.

Siemens Gamesa added that it is on track to achieve full-year revenue of €10-11 billion.

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