Siemens Gamesa Renewable Energy has released its results for the first quarter of fiscal 2018 (October-December. Between October and December, the company received orders for 2.8 GW of turbines (+29%), driven by both the onshore business (+19%) and the offshore business, where orders practically doubled.
Financial performance between October and December was in line with the guidance for 2018 (revenues €9-9.6 billion, and an EBIT1 margin of 7-8%), which factors in a decline in onshore prices, expected seasonal fluctuations in the business (higher activity in the second half), and the effect of synergies. In line with projections for the fiscal year, the group's sales during the first quarter amounted to €2,127 million (-23%). EBIT pre purchase price allocation (PPA), restructuring and integration costs in the quarter amounted to €133 million, and the margin was 6.3%. The company reported a net income of €-35 million due to restructuring and integration costs, the non-cash impact of the US tax reform on the value of tax assets, and amortisation of the PPA. The company expects an EBIT between 7%-8% and group sales of 9,000-9,600 million for the full fiscal year 2018.