BERLIN (dpa-AFX) - Siemens Gamesa Renewable Energy, a unit of Siemens AG (SIEGY.PK, SMAWF) on Tuesday reported a turnaround to profit in the first quarter of fiscal 2019.
The company said its net profit for the first quarter amounted to 18 million euros, compared to loss of 35 million euros in the same period of the previous fiscal year.
EBIT before PPA and integration and restructuring costs amounted to 138 million, up 4 percent from last year. Reported EBIT grew 13 percent from the year-ago period to 40 million euros.
The EBIT margin for the quarter was 6.1 percent, in line with the same period of last year. This was due to lower prices in the order book in 2018 and lower sales activity in onshore wind turbines, partly offset by synergies, productivity boosts and strong activity in the offshore and service businesses.
Revenue for the quarter rose 6 percent to 2.26 billion euros, driven by the Offshore business and by Service.
Wind turbine volume increased by 7 percent to 2,129 MWe, due to the strong contribution by the offshore segment, which sold 609 MWe, up 76 percent year-over-year.
Siemens Gamesa has logged orders worth 11.5 billion euros in the last twelve months, up 3 percent from last year, driven particularly by a 28 percent increase in onshore orders to 6.8 billion euros.
Order intake in the first quarter amounted to 2.5 billion euros, with solid performance by onshore wind turbines.
Copyright RTT News/dpa-AFX
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