Siemens Gamesa Sees Fall in Revenues for Third Quarter

Spanish-German wind engineering company Siemens Gamesa Renewable Energy said on Tuesday its revenue for the third quarter declined 10% year-over-year to €2.43 billion ($2.49 billion).

Earnings before interest and taxes or EBIT excluding items stood at negative €343 million, equivalent to an EBIT margin of -14.1%. Reported EBIT was a negative €459 million.

The company had a net loss of €446 million in the third quarter.

For the first 9-month period, revenue declined 12% year-over-year to €6.44 billion.

Net loss attributable to Siemens Gamesa shareholders in the first nine months was €1.22 billion.

Looking forward, the company has cut its EBIT margin excluding items for the year to -5.5% from -4% citing volatile market dynamics including inflation, supply chain issues and higher raw material costs.

Further, Siemens Gamesa expects its revenue to grow in line with the lower end of the previous range of -2% to -9%.

 

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