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Siemens Gamesa has announced the financial results for the first quarter of fiscal year 2023. As disclosed in the preliminary results, during the recent evaluation of the installed fleet, the company detected an upward trend in the failure rate of certain components, resulting in higher-than-expected warranty and service maintenance costs.
Between October and December 2022, Siemens Gamesa’s revenue amounted to €2.0 billion (+9.8% year over year) and EBIT pre PPA and before integration and restructuring costs amounted to -€760 million, with an EBIT margin of -37.8%. The company ended the quarter with a net loss of €884 million. As of December 31, 2022, net financial debt totaled €1.9 billion. During the initial quarter of the fiscal year, Siemens Gamesa signed new orders worth €1.6 billion (-35% year over year), while the order backlog amounted to €33.7 billion at the end of December 2022.
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