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Siemens Gamesa: posts loss for Q3

(CercleFinance.com) - Siemens Gamesa shares are pretty much resisting in Madrid today (-0.
3% in a flat Spanish market), even after the group announced a net loss, group share, of 446 million euros for Q3, with an EBIT margin of -14.1% and sales of 2.44 billion euros, down 10% y-o-y.

The group said that performance was dogged on by market volatility, inflation in energy, raw material and logistics costs, in addition to unavailability of key wind turbine components, port congestion and procurement delays.

As a result, Siemens Gamesa is adjusting its EBIT margin target for 2021-22, now expecting it at -5.5%, from -4%, on expected revenue growth that is in line with the lower limit of its previous range of -2% to -9%.


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