logo
  

Siemens Gamesa Q3 Revenue Falls

Siemens Gamesa Renewable Energy, S.A. (GCTAF.PK) on Tuesday said its revenue for the third quarter declined 10% year-over-year to 2.436 billion euros.

Earnings before interest and taxes or EBIT excluding items stood at negative 343 million euros, equivalent to an EBIT margin of -14.1%. Reported EBIT was a negative 459 million.

The company had a net loss of 446 million euros in the third quarter.

For the first 9-month period, revenue declined 12% year-over-year to 6.442 billion euros.

Net loss attributable to Siemens Gamesa shareholders in the first nine months was 1.226 billion euros.

Looking forward, the company has cut its EBIT margin excluding items for the year to -5.5% from -4% citing volatile market dynamics including inflation, supply chain issues and higher raw material costs.

Further, Siemens Gamesa expects its revenue to grow in line with the lower end of the previous range of -2% to -9%.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ford Motor Co. is seeking a new trial in a Georgia court after a jury reached a $1.7 billion verdict in a lawsuit against the automotive major regarding a truck rollover accident, The Wall Street Journal reported. In the new court filings, Ford said it was unfairly precluded from providing evidence and thus defending against claims that its trucks were defective. Omnichannel retailer Macy's, Inc. announced Monday plans to hire colleagues for more than 41,000 full- and part-time seasonal positions for the upcoming holiday season. The colleagues will be positioned at its Macy's, Bloomingdale's and Bluemercury stores, supply chain locations and call centers. Seffner, Florida -based Canyon Furniture Co. is recalling ladders sold with bunk bed and hutch sets citing entrapment and strangulation risks, the U.S. Consumer Product Safety Commission said. The about 2,100 units of Canyon Lake and Cottage Colors Bunk Bed and Hutch Sets were sold exclusively at Rooms To Go.
RELATED NEWS
Follow RTT