Siemens Gamesa Renewable Energy posted a net profit of €18 million in the first quarter of the fiscal year 2019, covering the period October-December 2018, the company announced Tuesday.
The energy giant had reported a €35 million loss in the same period of the previous fiscal year. The net cash position stood at €165 million.
According to the company's statement, revenue increased from October to December by 6 percent on an annual basis, to reach €2.26 billion, driven by the offshore business and by service.
Wind turbine volume increased by 7 percent over the same period, to hit 2,129 megawatts electric (MWe), due to the strong contribution from the offshore segment, which sold 609 MWe, marking an increase of 76 percent on an annual basis, the company said.
Earnings Before Interest and Taxes (EBIT) from Purchase Price Allocation (PPA) and integration and restructuring costs amounted to €138 million, an increase of 4 percent compared to October to December 2017. Reported EBIT stood at €40 million, up 13 percent year-on-year.
- €11.5 billion worth of orders
Siemens Gamesa said it logged orders worth €11.5 billion in the last twelve months, marking an increase of 3 percent year-on-year, driven particularly by a 28 percent increase in onshore orders that hit €6.8 billion.
Order intake in the first quarter amounted to €2.5 billion thanks to the solid performance of onshore wind turbines, the company said, adding orders for onshore wind turbines between October and December were worth €1.8 billion, up 7 percent over the same period in 2017.
"The order book stands at €23 billion (+8 percent year-on-year), of which €15.7 billion are orders to be filled after financial year 2019. This lends greater visibility to future growth and covers 92 percent of the revenue target for the current year," the statement added.
Siemens Gamesa expects its global wind installations to reach 72 gigawatts (GW) per year by 2025, corresponding to a compound growth rate of 5 percent.
The offshore wind business is projected to attain 27 percent annual growth, from 2 GW of installations in 2018 to 12 GW in 2025.
By Hale Turkes