Dow Jones Newswires: Siemens Gamesa losses widen amid spike in costs

by | Aug 2, 2022 | Stock Market

Siemens Gamesa Renewable Energy SA
on Tuesday posted a wider net loss for the third quarter of its fiscal year amid increased costs and supply-chain issues, and said it was taking steps to overhaul its current operating model. The Spanish wind-turbine maker posted a net loss of 446 million euros ($457.7 million), from a loss of EUR314 million in the same period last year.

Revenue for the quarter fell to EUR2.44 billion from EUR2.70 billion a year earlier. Quarterly performance was hit by challenges in ramping up its 5.X onshore platform along with supply-chain disruptions and volatile market dynamics such as energy inflation and raw material costs, it said. Siemens Gamesa cut its guidance for the full fiscal year 2022. It said it expects EBIT margin prepurchase price allocation and before integration and restructuring costs to come in negative at -5.5%, compared with a previous target of -4%. It said it sees revenue growth in line with the lower end of the previous range of -2% to -9%. Siemens Gamesa said it is taking steps to overhaul its current operating model under a newly launched strategy. It said it will strengthen the teams led by the chief operating officer and chief technology officer while maintaining a business focused-setup. It will provide more details in October, it said. “The new setup will accelerate our company’s turnaround. It will provide a very clear picture of business activities and greater transparency overall,” Siemens Gamesa CEO Jochen Eickholt said. …

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