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Siemens Gamesa performances in both the offshore and service business has led to a revenue and EBIT growth in Q2 of fiscal year 2021. The company achieved an order book of € 33.7 billion at the close of the quarter, up 18% year-on-year. The Onshore segment continued to be the major focus of turnaround efforts during the quarter.
In the three months to March 31, the company reported Q2 revenues of €2,336m, 6% growth year-on-year. EBIT pre PPA and before I&R costs was €111m (versus €33m in the same quarter a year ago), with an implied margin of 4.8% of revenue. The company reported net income of -€66m in the quarter. Revenue in the first half of fiscal 2021 (October 2020 to March 2021) increased by 10% year-on-year to €4,631m. EBIT pre PPA and before I&R costs amounted to €232m, with an EBIT margin of 5%. Net income in the first half of the year amounted to -€54m.
In the offshore market the company received orders for 2.6GW in the quarter. Service generated €1.2bn in new orders in the quarter. At the end of March, the backlog in Service, where profitability is higher, stood at €16.3bn, up 13% year-on-year, and accounted for 48% of the total backlog. Onshore logged new orders amounting to 2.1 GW in the quarter, an increase of 28% year-on-year.
Revenue guidance for fiscal year 2021 was narrowed to the lower end of the existing guidance, €10.2bn to €10.5bn (previously €10.2bn to €11.2bn), as the company expects second-half sales to be impacted by project deferrals driven by customers’ activity planning and by the ongoing impact of COVID-19 in markets such as India and Brazil. Siemens Gamesa maintained its profitability guidance for the full fiscal year of an EBIT margin pre PPA and before Integration and Restructuring (I&R) costs of 3%-5%.
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