MADRID (Reuters) - Wind turbine maker Siemens Gamesa said on Friday it expected a strong order intake for its offshore division in 2021, despite receiving no orders in its first fiscal quarter for turbines to be erected in the sea.
It cited new U.S. President Joe Biden’s declared desire to tackle climate change as a factor underpinning good prospects for the wind industry.
Huge offshore turbines were the main driver of a 15% increase in the northern Spain-based company’s revenue in the three months to December, during which the firm made generators for clients from Denmark to Taiwan, and delivered 58 turbines to a project in the Belgian section of the North Sea.
Delays to onshore projects caused by curbs on the movement of people and goods due to the COVID-19 pandemic were less acute than during its previous fiscal year, and the company said it expected this to tail off over coming quarters as vaccines were rolled out.
It also cited plans to install turbines off East Asia’s coasts as boosting the industry’s outlook.
Plummeting costs for renewable energy and widespread political impetus to cut carbon emissions have led investors to push Siemens Gamesa’s stock up 116% since early 2020 - at a time when it incurred financial losses due to a slowdown in the Indian market, cost over-runs, and disruptions linked to COVID-19.
An improvement in operating margin before interest, tax and some other costs over sales to 5.3% from a negative level for much of 2020, was partly to due to lower turbine failure rates and lower maintenance costs which prompted it to remove provisions put in place to cover those areas, the company said.
It stuck to previous guidance that this margin would be between 3% and 5% for the full year, confirming a preliminary statement earlier this week.
Reporting by Isla Binnie, Editing by Inti Landauro and John Stonestreet
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January 29, 2021 at 02:24PM
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Siemens Gamesa expects more offshore orders in 2021 after shaky start - Reuters
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