Siemens Gamesa has reported a 6% year-on-year increase in revenue to EUR 4,651 million in the first half of the 2019 fiscal year, said to be supported by strong performance in the Offshore and Service segments.
The company saw a 7% increase in revenue in the second quarter of FY 2019, to EUR 2,389 million, also said to be due to Offshore and Service.
Siemens Gamesa increased net income in H1 to EUR 67 million and EUR 49 million in the second quarter, a 40% rise.
According to the company, commercial activity remained strong, with a record order backlog of EUR 23.6 billion, a 7% boost YoY, fully covering the low end of the FY 2019 revenue guidance range.
Order intake amounted to EUR 2.5 billion in Q2, driven by Service, where order intake increased by 11% YoY. In the last twelve months, order intake amounted to EUR 10.9 billion, an 8% boost YoY, said to be supported by strong performance in all segments.
The first half of FY 2019 ended with EBIT pre-PPA and integration and restructuring costs of EUR 316 million, equivalent to an EBIT margin pre-PPA and integration and restructuring costs of 6.8%.
In the second quarter, EBIT pre-PPA and integration and restructuring costs amounted to EUR 178 million, equivalent to an EBIT margin pre-PPA and integration and restructuring costs of 7.5%.
This result was reached against a background of declining prices in the order book, as Siemens Gamesa said, partly offset by improvements in productivity, synergies and fixed costs as a result of the L3AD2020 transformation program and the higher volume of activity in Offshore and Service.
Siemens Gamesa recently obtained an investment grade rating by Standard & Poor’s and Moody’s, becoming the first global wind turbine manufacturer to have done so.