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%.

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