Siemens Gamesa Withdraws FY 2020 Financial Guidance

Siemens Gamesa has withdrawn its financial guidance for the Financial Year 2020, citing the uncertainty associated with the COVID-19 pandemic which is compounding challenges in India and Northern Europe as the reason.

The wind turbine maker said that it cannot forecast or quantify with reasonable accuracy the full duration and financial magnitude of the impact of the COVID-19 pandemic and considers it prudent to withdraw guidance for the Financial Year 2020.

The company still intends to propose to the Annual General Meeting of Shareholders to pay the proposed dividend for Financial Year 2019.

The COVID-19 disruptions in the company’s supply chain, manufacturing operations, project execution, and commercial activity have primarily affected and adversely impacted the situation in the Onshore business, Siemens Gamesa said.

Offshore and Service operations might experience some disruptions in the coming months, although these are so far expected to be significantly lower.

Collaboration with clients and suppliers has been and remains vital to mitigate the impact of the pandemic, the company said.

The turbine maker plans to hold its second-quarter earnings call on Wednesday, 6 May, where it will share additional details.