May 04, 2021 6:57 PM

Siemens Gamesa posts loss in second quarter

Posted May 04, 2021 6:57 PM

HUTCHINSON, Kan. — Siemens Gamesa reported a net loss of $79.6 million in the second quarter of the year, according to numbers released by the company on Monday.

After posting a profit of $13.2 million for the first quarter, the world’s No. 1 wind turbine maker ended the first half of the fiscal year $64 million in the red.

It wasn't all bad news as revenues rose by 6% on the year and the company continues to see a record order log for the coming year at $6.6 billion, more than double compared to the numbers at the same time last year. The order backlog stood at a record $40.4 billion, an increase of 17.9% from 2020.

In a cost-cutting move, the company announced it would close two factories in Spain and take other steps to reduce overall costs, especially in the onshore market.

The manufacturer said the restructuring would continue through the third quarter.

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