Spain-based wind energy giant Gamesa has announced its 2011 financial results. In 2011, the company obtained consolidated revenues of 3.033 billion euros, representing 10% growth. According to the company, the increase in revenue was driven mainly by a recovery in the manufacturing sector.
Gamesa's earnings before interest and taxes (EBIT) amounted to 131 million euros (+10%), and its net profit was 51 million euros (+2%).
The company's wind turbine division increased sales (in MWe) by 16.5% to 2,802 MW, 92% of which were outside Spain, Gamesa notes, adding that the recovery in wind turbine manufacturing activity and the focus on controlling costs provided the wind turbine division with an EBIT margin of 4% (in line with 2011 guidance of 4% to 5%).
Intense activity in the wind farm development and sales division, and the development of farms for delivery in 2011 and early 2012, provided the division with EBIT of 26 million euros, 17 million euros of which came in the fourth quarter alone.