Siemens Gamesa revenue declined to just over €2.24bn in the second quarter of the company's financial year, a 29% drop on the €3.18bn posted in the same period of 2017.

The company said revenue was hit by a decline in turbine sales, attributable mainly to lower volumes and prices in the onshore wind market.

Onshore volume was down 45% to 1397MW in the first three months of 2018, from 2534MW last year.

Offshore volume grew slightly to 432MW this year, up from 430MW in 2017.

Overall revenue in the company's turbine business fell 32% to just over €1.97bn, compared with almost €2.9bn the previous year.

The operations and maintenance unit reported revenue of €268m, a 7% fall on the €287m posted in 2017.

Earnings before integration and restructuring costs were down 40% between January and March 2018 at €189m, compared with €313m in the same period last year. 

But, overall, Siemens Gamesa reported net income in the latest period of €35m.

The company said the results were in line with guidance for 2018 and the performance is expected to strengthen in the second half of the year “benefiting from the first synergies and the early benefits of the restructuring process”.

The company reported record orders in the second quarter of 2464MW, up 54% on last year. India and the US were the main sources of the new orders, it added. 

Image: Siemens Gamesa