Gamesa returns to profit in Jan-Sep 2013

Nov 8, 2013 - Spanish wind turbine maker Gamesa (MCE:GAM) said yesterday it returned to a net profit of EUR 31 million (USD 41.6m) in the first nine months of 2013, versus a loss of EUR 67 million a year earlier amid costs reduction and strong contribution from its services division.

Earnings before interest and tax (EBIT) came in at EUR 90 million up from EUR 4 million, with EBIT margin improved to 5.4% from 0.2%. Meanwhile, EBIT margin of services division was 12.6%.

Gamesa's earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 32% to EUR 204 million and EBITDA margin increased by 4.9 percentage points to 12.4%. Sales, however, declined by 20% on the year to EUR 1.655 billion. Sales volumes slipped by 14% to 1,402 MWe, but were in line with the company's forecast for 1,800 MWe-2,000 MWe for full 2013. Latin America and the Southern Cone was high and the regions brought 51% of the total sales. Europe plus Rest of the World (RoW) and India accounted for 29% and 18%, respectively.

(EUR 1.0 = USD 1.343)

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