Siemens Gamesa Q1 2019 Result: Growth Resumed Post Synergy
The company reported a net profit of $20.5 million (EUR 18 million) in Q1 2019 from a loss of over $40 million (EUR 35million) over the same period in last fiscal year, while revenue increased by 4% from $2.48 billion (EUR 2.12 billion) to $2.57 billion (EUR 2.26 billion) on a year-on-year basis. The increase in revenue is attributed to the strong project execution in offshore segment and high overall volume of activity planned for the year along with increased service revenue in Q1 2019. The revenue from offshore WTG segment recorded an increase of 21% in Q1 2019 to reach $ 913million (EUR 801 million) from $752 million (EUR 643 million) on a year-on-year basis, while service revenue increased by 22% over the same time period. The onshore revenue however declined by 10% from Q1 2018 to Q1 2019, due to lower onshore turbine sales volume resulting from lower pricing and planned back-end loaded project execution.
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