Siemens Gamesa makes big cut in forecast

Ahead of its annual report release, the turbine manufacturer is downgrading its guidance for the result by more than EUR 100 million, but it is not because of the weak Indian market.

Photo: Siemens Gamesa

This year will not bring the successful debut to the market that merged Siemens Gamesa had hoped for.

Before releasing its fourth quarter report on Nov. 6, the turbine maker is downgrading its expectations for the fiscal year 2016/2017 by EUR 110 million to an underlying EBIT result of around EUR 790 million. Meanwhile, the estimated EBIT margin is being reduced from at least 8 percent to around 7 percent, report Siemens Gamesa.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Siemens Gamesa to squeeze GE's flagship out of US market

The ongoing patent lawsuit between GE and Siemens Gamesa stands to greatly backfire for the US giant, which could force players such as Ørsted to find new offshore wind turbines. The power company itself claims this risks leading to ”potentially irreversible” delays on a gigawatt-scale project.

Norway plans to control hydro to safeguard power supply

With the country’s hydroelectric reservoirs now at low levels after a dry spring, Norwegian policymakers consider reducing electricity export to Europe, but any move to do so, barring emergency, must adhere to single energy market regulations, says interest group.

Further reading

Related articles

Latest News

See all jobs