Global wind turbine manufacturer Senvion says it has increased its revenues to EUR 584 million in the third quarter of 2016 – up 15.6% compared with the previous quarter.
With adjusted earnings before interest, tax, depreciation and amortization (EBITDA) growing to EUR 60 million, Senvion says it further improved its profitability and posted an adjusted EBITDA margin of 10.3%.
The third-quarter results confirm that Senvion is on track to meet its annual guidance for the full year of 2016.
According to the German manufacturer, this solid performance comes on the back of a continuously improving international presence and a strong performance in the service segment. The larger reach, combined with orders at various stages totaling approximately 1 GW in Scandinavia, Chile and Australia, serves as a catalyst for further growth as an independent company.
Senvion expects to continue significant order activity and conversions in the fourth quarter, along with the highest revenue-earning quarter of the year.
The company says its order book stands at EUR 5.5 billion, including service contracts, and forecasts annual global wind installations growth at 6% until 2020. Senvion says its strong services business grew to 11.9 GW of installations in the third quarter and that it achieved positive free cashflow of EUR 59 million for the third quarter of the year.
Expanding into untapped markets, Senvion secured conditional orders in Serbia (42 MW) and Chile (300 MW) and signed a conditional offshore order for 203 MW, in addition to the 112 MW firm order in the Nordics. In the Asia-Pacific market, Senvion continued negotiations in Australia and has been selected as preferred supplier on two projects totaling 300 MW+.