Siemens Gamesa recorded earnings before interest and taxes of €111m in the three months to end-March, up from €33m in the year-ago period.
The German-Spanish manufacturer said the results for pre PPA and I&R costs gave an implied margin of 4.8% of revenues, up from 1.5%.
Revenues for the second quarter fiscal 2021 were €2.4bn, against €2.2bn. This was despite a negative impact from currencies, without which revenue would have increased by 11% rather than 6%.
Siemens Gamesa said the result was a “positive” one with the order book now standing at €33.7bn, up 18% year on year.
The performance was driven by the offshore and service unit, while onshore “continued to be the major focus of turnaround efforts” during the quarter.
Meanwhile, revenue guidance for fiscal year 2021 has been narrowed to the lower end of the existing guidance, €10.2bn to €10.5bn (previously €10.2bn to €11.2bn).
The company expects second-half sales to be impacted by project deferrals driven by customers’ activity planning and by the ongoing impact of COVID-19 in markets such as India and Brazil.
Siemens Gamesa has nonetheless maintained its profitability guidance for the full fiscal year of an EBIT margin pre PPA and before Integration and Restructuring (I&R) costs of 3%-5%.
“These results are encouraging and we are continuously working to improve our performance but we know we still face challenging conditions with COVID causing disruption in some markets and headwinds from the rising price of raw materials,” said chief executive Andreas Nauen (pictured).
“Nonetheless the longer-term outlook for the industry continues to improve as the growing political support for decarbonization as a central element of the fight against climate change is leading to new targets for renewable energy.
“We welcome these initiatives and look forward to seeing them translated into decisive action that Siemens Gamesa is well positioned to support.”