Siemens Gamesa's order intake halves in first quarter

Offshore revenue was up for Siemens Gamesa in October to December 2020, which marks the start of its financial year, but the company recorded no new orders in the segment

Siemens Gamesa appointed Andreas Nauen as CEO in June 2020, replacing Markus Tacke
Siemens Gamesa appointed Andreas Nauen as CEO in June 2020, replacing Markus Tacke

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The value of Siemens Gamesa’s order intake halved in the first quarter of its financial year, according to its preliminary results.

It received no turbine or service orders for offshore wind – which has been its strongest segment in recent years – between 1 October and 31 December 2020.

The manufacturer’s Q1 revenue increased 15% to €2.3 billion due to “strong offshore growth”, but was negatively impacted by currency devaluation, it stated in a disclosure to Spanish market regulator CNMV.

It also recorded Ebit of €121 million (before taking into account PPA and integration and restructuring costs), up from a €136 million loss in the same period one year earlier.

This gave Siemens Gamesa a 5.3% sales margin in Q1 21, having benefited from one-time positive impacts in the quarter, it explained.

The manufacturer expects orders for its offshore wind turbines and services to pick up in the remainder of its fiscal year, which runs from 1 October to 30 September. It added that its lack of offshore orders in the first quarter “reflects the volatile nature of offshore market dynamics”.

Siemens Gamesa has maintained its outlook for the 2021 financial year: revenues of €10.2-11.2 billion and an Ebit margin before PPA and integration and restructuring costs of 3-5%.

It is due to publish its full earnings release for the first quarter of the 2021 fiscal year on 29 January.

The manufacturer reported a €900 million full-year loss in its last financial year as it was impacted heavily by the coronavirus pandemic.

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