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HomeLatest NewsSiemens Gamesa doubles losses to 884 million due to falls in turbines

Siemens Gamesa doubles losses to 884 million due to falls in turbines

Date: March 27, 2023 Time: 07:49:40

Siemens Gamesa has registered net losses of 884 million euros in its first fiscal quarter, which runs from October to December 2022. of euros in the net operating result (Ebit) as a result of compensation to customers for falls in the wind turbines in operation.

“The negative assessment affecting our services division reflects that we have a lot of work ahead of us to stabilize our business and return to profitability. We have made progress in other areas, such as with our Siemens Gamesa 5.X platform,” explained the CEO of the company, Jochen Eickholt.

Between October and December 2022, Siemens Gamesa’s sales were 2,008 million euros, 9.8% more year-on-year. These are the first results that the company, a subsidiary of Siemens Energy, presents after going public. For its part, during its first fiscal quarter it created new orders worth 1,609 million euros, which represents a drop of 35%, while the backlog stood at 33,698 million at the end of December. According to the company, new orders have “much higher” protection than those agreed in the past against inflation, the volatility of product costs and logistical disruptions.

Likewise, the company has highlighted that the results also reflect the impact of a high level of costs, the launch of new platforms, the introduction of new manufacturing capacity and the execution of expensive ‘onshore’ projects. Siemens Gamesa is undergoing a restructuring process through which it will lay off 2,900 workers worldwide, 475 of them in Spain, in order to achieve sustainable growth. As of December 31, 2022, the restructuring costs were 63 million euros, while the net financial debt stood at 1,925 million.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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