Siemens Gamesa Renewable Energy (SGRE) has reported the results of the first nine months (October-June) and the third quarter (April-June) of fiscal year (FY) 2019. Revenue increased by 12% year-on-year in the first nine months of FY 2019, to €7,283 million, and by 23% year-on-year in the third quarter, to €2,632 million.
The company ended the first nine months of FY 2019 with EBIT pre-PPA and integration and restructuring costs of €475 million, equivalent to an EBIT margin pre-PPA and integration and restructuring costs of 6.5%. In the third quarter, EBIT pre-PPA and integration and restructuring costs amounted to €159 million, equivalent to an EBIT margin pre-PPA and integration and restructuring costs of 6.1%. The main impact on profitability was persisting lower pricing in the order backlog during the period, emerging market volatility and execution challenges in some onshore projects, partly offset by synergies, improvements in productivity and higher year-on-year sales volume. The company doubled net income to €88 million in the first nine months of FY 2019, while net income in the third quarter was €21 million. Performance is in line with the guidance range for FY 2019 (revenues of €10,000-€11,000 million and EBIT margin pre-PPA and integration and restructuring costs of 7-8.5%).