Losses at Siemens Gamesa have narrowed to €426m for the first quarter of the fiscal year 2024, compared to €759m in the same period last year.
According to parent company Siemens Energy’s preliminary results, revenues increased by 4.8% to €2,043m at the turbine manufacturer.
Order intake stood at €1,565m compared to €1609m at the same time last year.
Free cash flow pre tax was minus €1,172m, a rise from the same quarter last year’s minus €610m.
Profit before special items for Siemens Energy amounted to €208m, compared to a loss of €282m in the first quarter of 2023.
Free Cash Flow came in at minus €283m, an increase from minus €58m in the same period in 2023 due to the expected high cash outflow at Siemens Gamesa.
The company said: “Siemens Energy continues to see a positive market environment.
“However, project shifts and timing effects which create shifts between quarters are not unusual for plant engineering businesses. Therefore, Siemens Energy still maintains its guidance for the current fiscal year.
“For the fiscal year ending September 30, 2024 Siemens Energy expects comparable revenue growth (excluding currency translation and portfolio effects) in a range of 3% to 7% and a profit margin before special items between minus 2% and plus 1%.”