Gamesa Increased Earnings In 2014’Q1
Adding their own first quarterly reports to the growing pile of renewable energy companies announcing continuing growth in 2014, international wind energy manufacturer Gamesa announced a net profit of €17 million in 2014’Q1, almost three times as much as posted in the same quarter last year.
According to Gamesa, these growth statistics are thanks to the “improvement in profitability” and the return to growth in business volume and revenues.
As Bloomberg noted in their coverage of the earnings report, the €17 million net income was more than the expected forecast from their own analysts. Nevertheless, Gamesa is happy to reaffirm they are “back on the path to growth in both business volume and profitability.”
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Specifically, Gamesa achieved €573 million in 2014’Q1, up 16.8% over the same quarter a year earlier, an improvement attributed to the increase in wind turbine manufacturing (+16%) and O&M services (+21%).
Unlike reports from First Solar and SolarCity, Gamesa won’t be updating their guidance for the full-year 2014, with most returns falling within predicted guidance. Sales of 567 MWe were in line with 2014 guidance, though still 27% higher than 2013’Q1, as was the company’s aforementioned €17 million in net profitability.
“This growth in business volume and sales was achieved in a context of rising global demand following the decline during 2013,” the company said in their press release, adding that they have already covered 74% of budgeted business volume for 2014.
Gamesa haven’t been in the headlines as much as other companies this first quarter, focusing mainly on many smaller projects rather than the larger-scale projects headlining the solar industry. In April, the company announced that they had reached 1,000 MW of commissioned capacity in India, not bad having only been in the country for four years, while a month later the company was awarded a 144 MW contract in Brazil, bringing their presence in the country up to 1,400 MW.
With the wind industry rebounding after a dip in 2013, Gamesa are focusing “on strict control of capital expenditure, ensuring a return on investment and a sound balance sheet,” and staying on track for a healthy 2014.
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