Siemens Gamesa Lowers Earnings Outlook

April 30, 2021
(Photo: Siemens Gamesa)

(Photo: Siemens Gamesa)

Wind turbine maker Siemens Gamesa warned on Friday it could earn less this year than previously expected, trimming 700 million euros ($842 million) off the top end of previous revenue guidance.

The leading producer of offshore generators now expects full year revenue of 10.2-10.5 billion euros, having previously said it expected to 10.2-11.2 billion euros.

It maintained guidance for an operating margin over sales before interest, tax, and some other costs, of 3%-5%.

This change was driven by project deferrals, execution delays, higher costs of raw materials and a lower contribution from its offshore division, the company said in a stock market filing.

($1 = 0.8311 euros)

(Reporting by Isla Binnie, editing by Andrei Khalip)

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