Siemens Gamesa has reported a €365m loss for the second quarter of 2024, compared to a €386m loss for the same period last year.
The turbine manufacturer reported that €881m of orders were sharply down from a strong prior year quarter as expected, when they reached €3,643m.
Onshore orders continued to be impacted by a temporary interruption of sales activities for the 4.X and 5.X turbines, Siemens Gamesa said.
In addition, the offshore and service businesses did not receive any large orders comparable to the same quarter of the prior year which included a €1.7bn order in the UK, it added.
Book-to-bill ratio came in at 0.38 while Siemens Game’s order backlog decreased to €39bn.
Revenue declined moderately as lower revenue in the onshore and service businesses more than offset growth in the offshore area.
Siemens Gamesa said that the increased loss year-over-year was mainly volume driven.
Profit continued to be impacted by 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 in the prior fiscal year, it added.
Special items were positive due to the sale of an investment accounted for using the equity method.