Senvion revenue slumps 35%
German manufacturer blames 'typical seasonality' for Q1 2018 fall
Senvion revenue fell to almost €256m in the first three months of the year, a 35% drop on the over €392m reported in 2017.
Onshore revenue was down 29% to €161.1m from more than €227.3m, mainly down to less business in Europe, the company said.
Offshore revenue in the quarter was zero, compared with over €90m in 2017, which included orders for the Nordsee 1 and Nordergrunde projects, it added.
The company's revenue from its service business increased to €85.2m, up from €72.6m in the first three months of last year.
Senvion blamed “typical seasonality ... coupled with the back-end loaded nature of the installation schedule this year” for the drop in revenue.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were less than €1m in the first quarter of 2018, down from more than €21m in the same period of 2017.
The order intake was up 37% year-on-year, to €484m, driven by new business in Australia and India in particular, it said. Senvion's total order book stood at €5.2bn at the end of the period.
Senvion chief executive Jurgen Geissinger said: “The first quarter is typically a soft quarter in our sector.
“However, we were able to show a very solid strong growth in order intake in the first three months of this year. It was our best first quarter in terms order intake since IPO.”