Reporting on its results in the quarter ending June 2019 and the last nine months in its fiscal year 2019, Siemens Gamesa Renewable Energy said revenue growth had been driven by strong performance across all of its business lines, but in particular by record activity offshore
The company said lower pricing remains the main factor impacting group profitability but noted that its 9M 2019 performance was in line with its FY 2019 guidance range, even though results in the most recent quarter were adversely affected by emerging market volatility and onshore execution challenges.
Revenues from offshore wind turbines in the quarter reached a record level and were up 31% year-on-year.
Siemens Gamesa announced a new record order backlog of €25.1Bn (US$27.9Bn), up 8.2% year-on-year, driven by record order intake in the quarter ending June 2019.
Much of the increase in its order backlog was accounted for by the offshore wind market and by 1.5 GW of firm orders signed in Taiwan, including the Yunlin project (640 MW with wpd AG) and Greater Changhua 1 and 2 (900 MW1 with Ørsted).
The company’s highly competitive position in offshore wind is also reflected in the strength of its backlog and pipeline. Offshore wind has a total order backlog of €7.2Bn (US$8.0Bn) and 5.4 GW and when projects in the company’s pipeline are also taken into consideration this rises to more than 7 GW, including 2.5 GW in France, 1.9 GW in the Netherlands, 1.7 GW in the US, and 1.2 GW in other markets.