Gamesa Doubles Q1 Profits Year-Over-Year

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Gamesa ended the first quarter of 2014 (Q1'14) with EUR 17 million in net profit, more than double the EUR 7 million figure posted in the same quarter last year.

Gamesa's revenues amounted to EUR 573 million – 17% higher than in Q1'13. The company says this improvement is attributable to the sharp increase in wind turbine manufacturing and operations and maintenance (O&M) services. O&M services revenue expanded by 21.5%, to EUR 104 million, accounting for 18% of total group revenues.

Sales increased 27% year-over-year and reached 567 MW, building on a return to growth that began in the fourth quarter of 2013. The company notes this recovery was supported especially by the contribution to sales from India (33%) and Latin America (37%); the recovery in the U.S., which increased its contribution to 21%; emerging markets such as the Philippines, Turkey and Sri Lanka; and sales of the 4.5 MW-5.0 MW platform in Finland. Europe and the "Rest of World" region maintained their contribution (7%), which is expected to improve over the course of the year.

Gamesa says these improved results, in line with the guidance under its Business Plan, reaffirm that the company is back on the path to growth in both business volume and profitability.

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