Siemens Gamesa, a leading turbine manufacturer, has disclosed a second-quarter loss of €365 million for 2024, signaling a slight improvement from the €386 million loss reported for the same period in the previous year.
The company cited a sharp decline in orders, totaling €881 million, compared to the robust €3.643 billion recorded in the prior year quarter. This decrease was largely anticipated, reflecting a temporary interruption in sales activities for the 4.X and 5.X turbines in the onshore segment.
Furthermore, Siemens Gamesa noted that the offshore and service sectors experienced a dearth of large orders, unlike the prior year, which included a significant €1.7 billion order in the UK.
With a book-to-bill ratio of 0.38, Siemens Gamesa's order backlog dipped to €39 billion, underscoring the challenges faced in maintaining order flow amid market conditions.
While revenue witnessed a modest decline, primarily driven by lower onshore and service sector revenues, the offshore segment saw growth. The company attributed the increased loss to volume-related factors and ongoing challenges in project margins.
Siemens Gamesa highlighted persistent issues with project margins, citing higher planned costs due to quality concerns and operational challenges, particularly in the offshore segment.
In a statement, Siemens Gamesa acknowledged the impact of special items, which were positive due to the sale of an investment accounted for using the equity method.
