Siemens Gamesa has recorded a loss of €386m in its second quarter financial results, compared with a deficit of €322m in the same quarter in 2022.
The turbine maker reported a loss, before special items (SI), of €374m in the second quarter of 2023, against €301m in the same period in 2022.
Profit before SI continued to be burdened by the impact of the inflation, challenges related to the supply chain and the ramp-up of the offshore activities as well as by effects from onerous projects, the company stated.
Revenue grew to €2.4bn in the second quarter of 2023, compared with €2.2bn in the same period in 2022.
The recent quarter benefited from one-off effects in revenue totalling a higher two-digit euro million amount from non-recurring business activities.
Orders increased sharply year-over-year, reflecting a strong quarter and a relatively low prior-year level.
This was mainly due to higher volume from large orders, including a €1.7bn offshore order in the UK.
For Siemens Gamesa the situation remains “volatile”, however it expects an improvement in the second half of the fiscal year but not compensating the weak first half.
The turbine manufacturer continues to focus on managing operational problems and the turnaround, primarily through the “rigorous execution of the Mistral programme”.
The performance of Siemens Gamesa throughout the fiscal year 2023 will also depend on the timely ramp-up of the offshore activities.
The company plans to achieve a comparable revenue growth of 6% to 10% for the fiscal year 2023 and to reach a profit margin before SI towards negative 11%.