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Gamesa Starts 2016 With Strong First Quarter

Spanish wind energy manufacturer Gamesa has reported impressively strong increases on revenue and net profit in its first quarter earnings.

Gamesa published its first quarter earnings report this week, revealing increases across the board. Revenue was up nearly 30% to €1,064 million, while net profit increased by 15%, reaching €72 million. The company’s profits are even higher if its joint venture with Areva, Adwen, is excluded from the picture — net profits of €80 million, up 82% (on a similarly Adwen-excluded Q1’15).

Gamesa reported that it is maintaining “the profitable growth envisaged in its Business Plan 2015-2017,” registering its highest-ever EBIT of €119 million, an increase of 81%. The company ended the quarter with a net cash position of €194 million, and set Gamesa well on track to assure it reaches its previously submitted guidance for 2016.

Total sales in the quarter amounted to 1,061 MW, up 49% on the same quarter a year earlier. This increased activity is primarily responsible for the company’s overall strong position, with the company’s wind turbine segment seeing a 34% growth, and the company’s Operation and Maintenance segment revenues staying stable at €108 million.

Order intake for the quarter was 1,031 MW, leaving Gamesa’s order book at the end of March sitting at a significantly healthy 3,167 MW.

Unsurprisingly, given across the board strength and increases, Gamesa’s shares have shot up 6% on the back of the company’s report.

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