Siemens Gamesa, the wind turbine division of Siemens Energy AG, reported a significant reduction in its loss before special items for the third fiscal quarter ending June 30. The loss shrank to EUR 449 million (USD 490 million), down from EUR 2.55 billion a year earlier. The results reflect ongoing restructuring efforts within the wind unit.
Revenue for Siemens Gamesa increased by approximately 25% to EUR 2.57 billion, driven by higher offshore revenue and a favorable comparison base for onshore revenue. However, the company saw a decline in orders due to halted sales activities for its 4.X and 5.X turbines. The company did not secure any large orders in offshore or service sectors during the quarter.
Siemens Energy, which is in the process of restructuring Siemens Gamesa, noted that the wind unit's performance aligns with expectations. The re-introduction of the 4.X turbine is progressing as planned, and significant advancements have been made with the 5.X turbine.
For the full fiscal year, Siemens Gamesa is anticipated to incur a loss before special items of up to EUR 2 billion, maintaining the previous forecast of around EUR 2 billion.
Siemens Energy reported a reduced net loss of EUR 102 million for the third quarter, a sharp improvement from EUR 2.93 billion in the same period last year. The company achieved a profit before special items of EUR 49 million, recovering from a EUR 2.05 billion loss in the prior-year quarter, which was impacted by quality issues and cost increases in Siemens Gamesa's onshore and offshore businesses.
Despite these challenges, Siemens Energy confirmed its full-year guidance, noting an improved cash outlook. President and CEO Christian Bruch expressed optimism about the company's future, highlighting the benefits of a growing electricity market for their grid and gas turbine businesses and the improved quality of their order backlog.
