HUTCHINSON, Kan. — After battling through the 2020 pandemic Siemens Gamesa registered a solid start to fiscal year 2021, supported particularly by strong performance in the offshore and service sectors that led to an increase in revenue year-on-year, according to a release from the company.
Revenue increased by 15% year-on-year in the first quarter to $2.765 billion, driven by strong sales performance by both offshore and service. Onshore sales continue to be affected by some delays in project execution as a result of restrictions on the movement of people and goods due to the COVID-19 pandemic, but this impact was lower than in the previous fiscal year, and it is expected to tail off over the coming quarters as the vaccine is rolled out.
“Our performance in the first quarter shows our commitment to prioritizing profitability (over volume), cash flow and sustainability, which are the levers of our strategy to put the company back on track to sustainable profitability. At the same time, our performance shows that Siemens Gamesa occupies a leading position in driving the transition towards non-polluting energies,” Andreas Nauen, Siemens Gamesa’s Chief Executive Officer said.
Order intake in the quarter stood at $2.748 billion, with the onshore business unit collecting $1.950 billion in new orders in the first quarter. The number represents a volume of 2,360 MW which is an 8% drop year-over-year. The number reflects the lower contribution from China, the weakness of the Indian market, and the company's new commercial strategy to prioritize returns over volume.