Gamesa Continues Strong 2016 With Record Revenues, Orders, & Returns

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Spanish wind energy giant Gamesa has continued its strong performance this year with a 42% increase on net profit, and record revenues, orders, and returns.

Gamesa reported €138 million in net profit for the first half of the year, up 42% on the same period a year earlier. The company also reported a 33% increase to €2,192 million in revenues, and €230 million in EBIT, and took in a record 1,180 MW worth of orders during the first six months of the year.

The good news continues, as not only were these figures up on previous guidance provided by the company, but Gamesa’s shares are currently trading at their highest levels since 2008.

Gamesa heralded its increased wind turbine manufacture and sales as being responsible for its strong growth so far this year, which together provided €1,964 million in revenues, up 38% on a 47% increase in volume, reaching 2,180 MW in the first half of the year. This upgrade can be traced primarily back to strong growth achieved in India, Latin America, Europe, and the US.

The strong first two quarters for the company have led it to increase 2016 guidance, which now expects upward of 4 GW of sales, and an EBIT of €430 million with a margin of upward of 9.5%.

Gamesa’s cachet has been steadily rising of late. Continually strong growth in nearly every market around the globe.

“Growth was spread throughout almost all regions: Europe, Latin America, the United States and India,” the company said in a statement. “Asia-Pacific, including China, is the only exception … but we expect to see a recovery in the second half, when (sales growth) will reach double digits by the end of the year.”

Further, the company’s recent agreement to merge its wind energy business with Siemens is expected to result in a medium- to long-term value proposition for stakeholders. Speaking to analysts following, Gamesa chief executive Ignacio Martin said: “Both share similar technologies, they serve the same clients, they virtually have the same suppliers … the benefits to joining the two activities are, frankly, clear.”

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Joshua S Hill

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