Siemens Gamesa: Shows operating losses in the first quarter

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Siemens Gamesa Renewable Energy downgraded usage estimates late yesterday as it reported operating losses in the first quarter due to continuing supply chain constraints.

In the quarter to December 30, the Spanish energy company announced adjusted pre-tax losses of 309 million euros compared to profits of 121 million euros a year ago, and revenues fell to 1.8 billion euros from 2.3 billion.

Receipt of orders increased to 2.5 billion euros from 2.3 billion euros, announced the subsidiary of the German Siemens Energy.

Operating losses were largely the result of discrepancies in cost estimates and cost inflation affecting the wind turbine division, the company said.

He added that the 5x wind turbine platform has suffered delays exacerbated by supply bottlenecks.

“Also, volatile market conditions have affected some of our clients’ investment decisions, and as a result, have led to delays in some of our projects,” the company said.

Siemens Gamesa predicts possible operating losses for the year 2022.

The adjusted margin of EBIT will be between -4% and 1%, lower than the previous positive target of 1% -4%.

Revenue is expected to decline on an annual basis by 2% -9%, compared to a previous estimate of a 2% -7% decline.

Source From: Capital

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