Siemens Gamesa swung to a profit in its fiscal 2021 first quarter, according to preliminary results.
The German-Spanish manufacturer, led by chief executive Andreas Nauen (pictured), said EBIT pre-PPA and I&R costs was €121m, versus a €136m loss in the same three months of 2020.
The turnaround, equivalent to a margin of 5.3% of sales in Q1 FY21, is partly due to the existence of a “one-time positive” impact in the quarter. No further details were given and full results are due later this week.
Company revenues amounted to €2.3bn, up 15% year on year, supported by strong offshore growth albeit with negative impacts by currency devaluation.
As a result of the preliminary performance, the company confirms the outlook for FY 2021, with revenues of between €10.2bn and €11.2bn expected and EBIT margin pre PPA and I&R costs between 3% and 5%.
Elsewhere, order intake stood at €2.3bn, compared to €4.6bn in the same quarter of FY20.
Siemens Gamesa’s said the commercial activity reflects the volatile nature of offshore market dynamics, with now offshore orders booked in the three months.
The preliminary results were confirmed in a regulatory disclosure to the CNMV following the announcement of the preliminary results for the same period of its major shareholder, Siemens Energy.