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Siemens Gamesa posts wider net losts due to high costs

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Siemens Gamesa Renewable Energy SA reported Thursday a widened net loss for the first quarter of fiscal 2023, as high costs offset a rise in revenue.

The Spanish wind-turbine maker

said net loss for the quarter to Dec. 31 was 884 million euros ($971.6 million) compared with a loss of EUR403 million a year earlier.

Siemens Gamesa also confirmed preliminary figures released last month, when it said it expected an adjusted loss before interest and taxes of around EUR760 million on revenue of around EUR2.0 billion for the first quarter. Revenue was 9.8% higher than in the year-earlier period, and the adjusted EBIT loss more than doubled from a loss of EUR309 million in the first quarter of fiscal 2022.

The company said its first-quarter adjusted EBIT performance was severely hit by the outcome of the periodic monitoring and technical failure assessment of the installed flee and anticipated high cost levels.

Siemens Gamesa’s order intake for the first quarter was EUR1.6 billion, leaving it with a backlog of EUR33.7 billion. The company said its Mistral strategy program is on track.

Write to Adria Calatayud at adria.calatayud@dowjones.com

Credit: marketwatch.com

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