Siemens Gamesa: sanctioned for reducing targets

(CercleFinance.com) - The Siemens Gamesa is taking a hit today, down 14% in Madrid, with the market punishing it for lowering its targets for FY 2020-21, now expecting an adjusted EBIT margin that is barely at break-even (between -1% and 0%), with revenues at the lower end of its previous forecast range (10.
2-10.5 billion euros).

The renewable energy equipment manufacturer justifies this adjustment by the sharp rise in raw material costs and an increased estimate of launch costs for the 5.X platform, whose impact is exacerbated by the pandemic.

Siemens Gamesa has reported preliminary Q3 adjusted EBIT of around 150 million euros, with revenues of around 2.7 billion euros, as well as an order intake of 1.5 billion euros.


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