Siemens Gamesa Q1 bitter pill
Post-merger sales decline 'in line with expectations'; net loss €35m
Siemens Gamesa posted a 23% drop in first quarter revenue to €2.13bn against a background of ongoing post-merger integration and in line with expectations.
The German-Spanish manufacturer said orders were up 29% to 2.8GW with onshore up 19% and offshore nearly doubled. The service order book was up 6%.
Operational earnings before restructuring and merger costs were €133m, down 51% year on year, while the company posted a net loss in the quarter of €35m.
“Integration of the two companies is advancing well,” said the company. It said the performance is in line with 2018 revenue guidance of up to €9.6bn.
The latter “factors in a decline in onshore prices, expected seasonal fluctuations in the business — higher activity in the second half — and the effect of synergies”.
Siemens Gamesa will hold a delayed capital markets day on 15 February.
Image: Siemens Gamesa