HUTCHINSON, Kan. — Siemens Gamesa today announced decisive steps under the Mistral strategy program to accelerate the company’s turnaround after ending a challenging third quarter marked by ongoing difficulties in the wind energy industry as well as internal challenges mainly impacting the onshore pipeline. The company reported revenue of $2.44 billion, a 10% drop year-over-year. As of June 30, 2022, net debt totaled $2.7 billion.
In a release, the company stated that its performance continued to be negatively affected by inflation of energy, raw material and logistics costs, non-availability of key wind turbine components, port congestion, and supply delays. There were also internal challenges, including a difficult ramp-up of the Siemens Gamesa 5.X onshore platform and higher costs driven mainly by failure of components and repairs in onshore platforms. Those hurdles forced SG to close down the Hutchinson nacelle facility and the plant in Fort Madison, Iowa, although at least two new potential contracts for onshore projects have altered that schedule. SG has not officially announced those projects yet.
The company’s order intake from April to June remained strong at $3.5 billion including $1 billion in new orders in the onshore market, a jump of 27% year over year.
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