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Gamesa More Than Doubles Profit In First Half Of 2015

Gamesa has more than doubled its profits in the first half of 2015, according to its latest quarterly financial report.

Published Wednesday, Spanish wind energy giant Gamesa revealed that it had taken in a net profit of €97 million ($106.5 million) in the first half of 2015, more than double (130%) the €42 million ($46 million) taken in during the first half of 2014. Gamesa attributes the increase to its “expanding commercial activity,” which saw revenue increase by 30.8% to €1,651 million ($1,813 million) in the first half of the year.

Wind turbine sales reached 1,481 MW, an increase of 24.9% over H1’2014’s 1,187 MW. That includes 712 MW sold in the first quarter of 2015, and another 769 MW in Q2’15. Gamesa’s order book is therefore sitting at a healthy 2,847 MW at the end of June, thanks to a sharp growth in order intake in the first half of the year of 1,835 MW, a 41.4% increase.

Gamesa attributes its growth to “the company’s sound diversified position,” which includes a significant amount of business coming from its work done in India and Latin America, which accounted for 45% of total sales. Gamesa’s work in Europe and the US increased to 38% of the total sales figure, while China another 17%.

Guidance for the year remains unchanged, sitting at a total revenue for 2015 of €3,400 million ($3,734), and total sales of 3,100 MW.

Gamesa has started the third quarter strong, as well, putting the company in a strong position to meet or even exceed its financial goals for the year. Gamesa was chosen to supply 104 of its G114-2.0 MW wind turbines to Amazon Web Service’s recently announced North Carolina wind farm project, Amazon Wind Farm US East.

Such strength has allowed Gamesa to set a healthy sales goal for the next few years. In June, Gamesa released its Outlook 2015–2017, “with the goal of locking in the profitable growth that commenced under the preceding plan, offer sustainable and rising dividends, 25% of annual net profit, and accelerate shareholder value creation.” The company intends to increase its yearly sales to between 3,500 and 3,800 MW by 2017.

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