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Siemens Gamesa sees profitability in 2022 after reducing annual loss




A wind turbine model with the Siemens Gamesa logo is on display in Zamudio, Spain, June 20, 2017. REUTERS / Vincent West / File Photo

MADRID, Nov. 5 (Reuters) – Wind turbine maker Siemens Gamesa (SGREN.MC) said on Friday it expects to return to profitability in 2022 after blaming its second annual operating loss following higher costs of raw materials and logistics, and cost overruns associated with a new model.

Strong demand for renewable power generation equipment to help global economies move away from carbon has not been enough to shield turbine manufacturers’ profits from soaring prices for vital components such as steel and blocked global supply chains.

Siemens Gamesa said it now expects its profit before interest and tax (EBIT) margin to be 1-4% in 2022, after -0.9% in 2021. In 2020, this metric reached -2.5%.

It has also pushed back the horizon it expects to meet its long-term 8-10% margin target until 2024 or 2025, after previously aiming to reach that level by 2023.

Formed in 2017 by a merger between the Spanish Gamesa and the wind activity of Siemens AG (SIEGn.DE), the main shareholder of Siemens Gamesa is now Siemens Energy (ENR1n.DE), which was split from the German conglomerate the last year.

Siemens Energy expressed dissatisfaction with the continuing problems of the onshore unit, where the deployment of a new turbine proved to be more expensive and took longer than expected. Read more

Siemens Gamesa has lost more than 40% of its market value since renewable energy stocks started to soar to sky highs in January.

It has fallen sharper than market leader Vestas, which is down 27% after slashing its own profit margin outlook twice this year. Read more

Reporting by Isla Binnie, editing by Louise Heavens

Our standards: Thomson Reuters Trust Principles.




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