Gamesa Continues Upward Trend With Strong Third Quarter After Siemens Merger Approved
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Spanish wind energy giant Gamesa has continued its exceedingly strong 2016 with a third quarter of increased profit, improving its 2016 guidance, as the company’s shareholders vote unanimously to approve the merger with Siemens Wind Power.
Gamesa published its third quarter earnings report on Thursday, revealing increased revenue of €3,339 million for the first nine months of the year, up 31.8% versus the same period a year earlier. Sales rose to 3,256 MW, up 41.5% over Q3’15, with net profit of €206 million for the first nine months of the year, up 63%.
Sales and revenue outstripped all guidance provided at the beginning and middle of the year, and allowed the company to further increase its guidance for the full year 2016 to sales of greater than 4,300 MW, and an operating profit of €450-470 million.
The company had a lot to cheer about in this third quarter, booking its largest-ever order intake of 1,090 MW in the third quarter, an 8% increase, and raising the cumulative year-to-date order intake to an impressive 3,301 MW. Gamesa’s order book stood at 3,242 MW at the end of September, assuring the company will easily be able to meet its new increased guidance.
It was announced back in June that Gamesa would merge with Siemens’ wind business, Siemens Wind Power. Late-October we were told that Gamesa shareholders voted overwhelmingly in favor of the merger, with a whopping 99.75% majority.
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