Siemens Gamesa Renewable Energy released its results for the first nine months (October-June) and the third quarter (April-June) of fiscal year 2018. The company’s financial performance in the third quarter and the first nine months of FY2018 was in line with the fiscal year 2018 guidance (revenues of €9,000-9,600 million and EBIT margin of 7-8%).
Revenue amounted to €2,135 million (-21% YoY) in the third quarter, and €6,504 million (-25% YoY) in the first nine months of the year, impacted by lower turbine sale volumes and pricing. EBIT pre-PPA, restructuring and integration costs amounted to €156 million in the quarter and the EBIT margin was 7.3%. Between October and June, EBIT pre-PPA, restructuring and integration costs reached €478 million and the EBIT margin was 7.4%. The company reported €45 million in net profit in the first nine months, including the impact of restructuring and integration costs.
Commercial activity remained strong in the third quarter of fiscal year 2018. During the period, the order backlog reached a new peak at €23,226 million (+14%), increasing visibility of future growth. The backlog was boosted by €3,292 million in firm orders. Onshore wind order intake during the third quarter was 1,660 MW, driven by diversified order entry (Brazil, Spain, South Africa, Ireland and USA). Offshore order intake marked a peak with 1,368 MW in firm orders, due to the agreement to supply 165 turbines to Hornsea II and 120 MW to the first offshore wind power plant in Taiwan.