EnergyWatch

Siemens Gamesa mulls gears following yet another deficit

Next year, the wind turbine manufacturer will streamline technologies across onshore and offshore divisions. The question of whether gears have a future in the OEM's machines is also being evaluated, notes CEO.

Photo: Siemens Energy

Tough times call for tough decisions. And these are certainly tough times for Siemens Gamesa, as evidenced by the Q3 financial report, which not only added a EUR 459m deficit, but also, to make matters worse, resulted in a downgrade of the full-year guidance.

The company now projects a negative earnings margin before interest and taxes of 5.5%, with revenue decreasing by 9% compared to 2021. In total, the company could see a loss of EUR 510.5m – and this even factors in the EUR 540m that the one-time sale of the renewables portfolio in southern Europe to British utility SSE is expected to add to the bottom line.

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