Siemens Gamesa has reported a loss of €472m for the final three months of its financial year 2024, a reduction on the loss of €670m recorded for the same period last year.
This was down to an increase in revenue from €2.6bn in fourth quarter 2023, to €3.1bn, largely driven by sales in its offshore wind business.
The improvement reflected in part a reduced basis of comparison due to the quality issues and other circumstances in the prior-year quarter.
Orders were moderately down compared to prior-year quarter, as an increase in the offshore business did not offset declines in the onshore and service areas.
Offshore growth was driven by a single large order in the North Sea worth €2.9bn.
Onshore orders continued to be impacted by a temporary interruption of sales activities for the 4.X and 5.X turbines which was ceased for 4.X machines during September 2024, Siemens Gamesa said.
The directors added that, while the profit before special items was negative, it was overall in line with expectations.
They said: “The losses still reflect project margins burdened by higher planned costs due to the known quality issues as well as the increased product costs and ramp-up challenges in the offshore area, which also heavily burdened prior-year’s quarter.”
Siemens Gamesa continued its turnaround in 2024 with the integration and restructuring of the business and is committed to break even in fiscal year 2026.
Sales activities for the 4.X onshore platform have restarted at the end of the fiscal year with low volume.
The ramp-up of the offshore business continued in the fiscal year. For example, from the first half of the year to the second half, the output at the Cuxhaven site has roughly doubled, according to the directors.
President and chief executive of parent company Siemens Energy Christian Bruch said: “Fiscal year 2024 was decisive for us.
“We achieved all our goals, driven by strong orders and project execution across all our businesses. Our focus remains on profitable growth, supported by highly favorable market conditions.
“The new mid-term targets until fiscal year 2028 reflect our leading role in the energy transition.”