Q3 Earnings: Gamesa Following Wind Trend With Strong Quarter

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Following a strong trend in the wind industry of growth over 2014, Gamesa released its third quarter earnings Thursday, with 26% growth reported over the previous third quarter.

Unlike Vestas Wind, which also released its third quarter figures Thursday, Gamesa relies on year-to-date statistics rather than quarterly figures. As a result, gaining an understanding of the company’s performance for the third quarter is a little trickier, considering that Gamesa is hyping its 9 month stats.

For the 9 months of 2014, Gamesa revenue was up 17.4% to €1,942 million (from €1,655 million), with a 30.6% increase in sales to 1,823 MW (up from 1,402 MW in the 9 months of 2013). Third quarter revenue was €680 million, a growth of 26.3%, while Operation and Maintenance (O&M) revenues were also up over the 9 months and quarter — 20.1% and 24.6%, respectively.


“In the first nine months of 2014, Gamesa Corporación Tecnológica accelerated the rising trend of sales growth, profitability and balance sheet improvement,” wrote the company in its Activity Report (PDF).

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The company took in orders worth 870 MW in the third quarter, a figure 2.3 times that of a year earlier. For the 9 months of 2014, Gamesa has so far taken in a whopping 2,167 MW of orders this year, 78% more than a year earlier.

Gamesa points to improvement in its Latin America figures (35% of total sales), India (27%), and Europe & Rest of the World (17%) for the bump this year, while US & China sales continue to recover after a rocky period, coming in at 16% and 5%, respectively.


Gamesa has a presence across 18 countries, and more than 30.6 GW installed across 46 countries. With such strength in orders and sales, Gamesa could end up surpassing its own 2014 guidance. According to the report’s authors:

The strength of the order book at the end of September and the increase in volume above projections, especially in China, could enable Gamesa to surpass the high end of guidance for the year, provided that there are no delays in project execution.

As mentioned in the Vestas coverage, Gamesa has already claimed a 220 MW order for turbines in Brazil after Vestas stepped away from the deal, showing that progress for the rest of the year is already on track. Gamesa has also been awarded a 172 MW contract in India, news which came only days after the company announced that it intended to invest €100 million in India over the next five years.

Gamesa’s fourth quarter will be critical to determine whether its return to form is going to continue, or whether its 4% quarter-to-quarter growth over the past six months is representative of a plateauing of figures.

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Joshua S Hill

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