Siemens Gamesa slightly lowers 2019 profit expectations

Siemens Gamesa slightly lowers 2019 profit expectations
FILE PHOTO: A model of a wind turbine with the Siemens Gamesa logo is displayed outside the annual general shareholders meeting in Zamudio, Spain, June 20, 2017. REUTERS/Vincent West /File Photo   -  Copyright  Vincent West(Reuters)
By Reuters

MADRID (Reuters) – Wind turbine maker Siemens Gamesa <SGREN.MC> said on Tuesday it expected to hit the lower end of its full-year profit margin guidance, slightly trimming a previous forecast that it would hit the middle of a 7-8.5% range.

Sales rose 23% to 2.63 billion euros (£2.41 billion) in the April-June period from a year earlier, beating a forecast provided by the company, drawn from analyst estimates which pointed on average to earnings of 2.49 billion euros.

But its margin on earnings before interest and tax came in at 6.1%, missing a forecast of 6.7%, as it faced pressure from lower prices across the wind industry.

(Reporting by Isla Binnie, editing by Andrei Khalip)

You might also like