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Gamesa ended the first quarter of 2014 with € 17 million in net profit, more than double the figure of € 7 million posted in the same quarter last year. These figures reflect the improvement in profitability, with an EBIT margin of 6% (up from 4.4% in 1Q 2013), and the return to growth in business volume and revenues.
Gamesa's revenues amounted to € 573 million in the first quarter of 2013, i.e. 17% higher than in 1Q 2013. This improvement is attributable to the sharp increase in wind turbine manufacturing (+16%) and O&M services (+21%). Sales (567 MW) were in line with the 2014 guidance (2,200 MW-2,400 MW), and 27% higher than in 1Q 2013. This recovery was supported especially by the contribution to sales from India (33%) and Latin America (37%); the recovery in the US, which increased its contribution to 21%; emerging markets such as the Philippines, Turkey and Sri Lanka; and sales of the 4.5MW-5.0MW platform in Finland. Europe and Rest of World maintained their contribution (7%), which is expected to improve over the course of the year. O&M services revenue expanded by 21.5%, to € 104 million, and the EBIT margin was 12.8% (+28.8% vs. 1Q 2013). O&M services account for 18% of total group revenues. Order intake in the quarter was to 496MW, bringing the order book at the end of March to 1,731 MW (+20% vs. march 2013).
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