"We are continuing to focus on solving the quality problems in our onshore wind business and exploiting the growth potential for the rest of the company," emphasized CEO Christian Bruch. In doing so, he can draw on an order backlog that is higher than ever before at 118 billion euros. However, the manager expects Gamesa to post a loss before special items of around two billion euros in 2024.
Siemens Energy has been struggling with high losses at Gamesa for years. The wind energy business with onshore turbines is struggling with quality deficiencies. The business with turbines for operation on the high seas (offshore) has start-up problems in new plants. Bruch and Gamesa CEO Jochen Eickholt want to reduce the subsidiary's costs by around 400 million euros by the 2026 financial year and reach the break-even point in the wind business.
The Group confirmed the forecasts for 2024. Accordingly, the Management Board expects comparable growth in sales revenue (excluding currency translation and portfolio effects) in a range of three to seven percent and an earnings margin before special items of between minus two and plus one percent. In addition, the management anticipates a profit after tax of up to one billion euros.
(Report by Tom Käckenhoff, Christoph Steitz; edited by Myria Mildenberger. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)