Gamesa Ends 2014 With Net Profit, Resumes Dividend Payments
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Gamesa, one of the world’s leading wind turbine manufacturers, has announced an increase in sales and profitability in its 2014 fourth quarter and full-year earnings report, and has subsequently resumed dividend payments to shareholders.
Based in Spain, Gamesa reported its Q4’14 earnings this Thursday, announcing a 22% increase in revenues to €2,846 million, and a better-than-expected sale figure of 2,623 MW, an increase of 34% for the full year. Yearly profit was double the 2013 figure, up to €92 million.
As a result of exceeding 2014 guidance and an improved outlook for 2015, Gamesa has resumed payment of dividends of €0.0825 per share.
Strong growth in Latin America and India, as well as a recovery in the US and China, helped push Gamesa’s activity up over the year.
The company saw an order intake of 3.3 GW, the greatest in the last five years. Gamesa finished the year with an order backlog of 2,494 MW, which will play a significant part of the company’s guidance for 2015:
Revenues: €3,150-3,400 million
Sales in MW: 2,800-3,100 MWe
Ebit margin: ≥8%
Working capital/sales: <5%
“Strong commercial activity, the improvement in profitability and the reduction in debt enabled Gamesa not only to exceed 2014 guidance, but also to achieve the 2015 vision ahead of schedule and resume dividends with a pay-out of 25%,” the company wrote in its press release.
Gamesa has already taken in several new orders early in the year, with a 92 MW for two new projects in China — one to supply 50 MW to Hebei Construction & Investment Group for the Nandianziliang wind complex located in the province of Shanxi, in northern China, and the second for a 42 MW supply contract to Chinese wind farm developer UPC for the Huangyan wind farm in the province of Zhejiang, in eastern China. And in February, the company announced a firm order for 150 MW in Brazil.
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