Siemens Gamesa FY19 Profit Doubles; To Cut Up To 600 Jobs

Spanish wind turbine manufacturer Siemens Gamesa Renewable Energy, S.A. (GCTAF.PK) on Tuesday reported that its net income for fiscal year 2019 doubled from the previous year to 140 million euros. The company also said it will reduce its white collar headcount by up to 600 over the next two years, as it focuses on sustaining profitable growth.


Reported EBIT for the full-year increased 19.8 percent from the prior year to 253 million euros.


Revenue for the year increased 12.1 percent from last year to 10.23 billion euros.

The order backlog at Siemens Gamesa rose 12 percent year-on-year to 25.5 billion euros, as its order intake grew by 7.4 percent to 12.7 billion euros.


Looking ahead, Siemens Gamesa noted that the adverse factors affecting the wind industry will persist in the short term, despite solid future prospects.


Consequently, the company expects fiscal 2020 to be a transitional year, with revenues projected between 10.20 billion euros and 10.60 billion euros, and an EBIT margin of 5.5 percent to 7 percent, excluding charges.


In the longer term, Siemens Gamesa expects to achieve EBIT margin of 8 percent to 10 percent from fiscal 2022 onwards. The company will provide further details at a Capital Markets Day to be held in the first half of 2020.


Siemens Gamesa said its goal is to enhance competitiveness to secure profitable growth in the long term. To help achieve this goal, the company announced a program to adjust its structure that will result in a reduction of its global team of up to 600 white collar headcount worldwide over the next two years.


The company said it began consultations with workers' representatives began this morning with a view to reaching an agreement over the coming weeks.

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