Siemens Gamesa Reports 15% Revenue Increase in Q1 2021

Siemens Gamesa has reported a revenue of EUR 2.3 billion for the first quarter of the financial year 2021, a 15% increase said to be supported by strong offshore growth.

In the announcement of its preliminary results for Q1 FY2021, Siemens Gamesa reported an order intake of EUR 2.3 billion, a decrease compared to EUR 4.6 billion in the same quarter of the financial year 2020.

The company expects the booking of offshore orders and related service orders in the coming quarters, stating there are no offshore orders booked in Q1 FY21.

EBIT pre-PPA and before integration and restructuring (I&R) costs amounted to EUR 121 million, equivalent to a margin of 5.3% of sales in Q1 FY21, benefiting from the existence of one-time positive impacts.

As a result of this preliminary performance, the company confirms the outlook for FY 2021, which includes revenues between EUR 10,200 million and EUR 11,200 million and EBIT margin pre-PPA and I&R costs between 3% and 5%.

Siemens Gamesa plans to publish its full earnings release for the first quarter of the fiscal year 2021 on 29 January.