Siemens Gamesa, a Spain-based wind turbine maker, has reported a revenue of €1.83 billion (~$2.21 billion) in the first quarter (Q1) of 2022, a 20.3% decline compared to €2.29 billion (~$2.62 billion) in the same period last year.
The company registered a net loss of €403 million (~$462.05 million) in Q1 2022 from a profit of €11 million (~$12.61 million) in the same period last year.
In Q1 2022, The company’s earnings before interest and taxes (EBIT) pre-power purchase agreement (PPA) and before integration and restricting cost (I&R) turned negative to €309 million (~$354.28 million) from a plus of €121 million (~$138.74 million) in Q1 2021.
Its reported EBIT turned negative to €377 million (~$432.28 million) in Q1 2022 from a plus of €14 million (~$16.05 million) in the same period last year.
The wind turbine maker said supply chain disruptions in manufacturing, project execution, and onshore ramp-up challenges impact the performance.
Source: Siemens Gamesa
The company’s new orders for 1,791 MW of onshore capacity worth €1.36 billion (~$1.55 billion) were affected by an interruption in the U.S. and Spanish markets. Its offshore order intake amount stood at €416 million (~$476.96 million) in Q1 2022. The offshore backlog amounted to 7.6 GW, with conditional pipeline adding 6.7 GW as of December 31, 2021.
The wind turbine maker’s onshore sales declined 31.5% YoY to 1,195 MW in Q1 2022 from 1,744 MW in the same period last year.
Commenting on the financial result, Andreas Nauen, chief executive officer of Siemens Gamesa, said, “We remain immersed in a very complex market environment, with disruptions and low visibility in the supply chain. In this context, we continue taking measures to protect our profitability and adapt to these dynamics, which will persist in the coming month.”
In July 2021, Siemens Gamesa procured an order from ReNew Power to supply wind turbines for a 322 MW wind project in Tondehal, Karnataka.
Mercom had earlier reported that Siemens Gamesa secured an order for Hai Long’s 1,044 MW offshore wind projects.