MADRID – Wind turbine maker Siemens Gamesa reiterated its sales and profit margin targets on Monday after first-quarter revenue jumped 15% to 2.3 billion euros ($2.8 billion).
The company had said in November that it expected sales of between 10.2 billion euros and 11.2 billion euros for the year to Sept. 30, 2021, with its margin on earnings before interest and tax (EBIT) at between 3% and 5%.
Siemens Gamesa attributed the revenue increase to a rise in offshore wind projects, though orders fell by 50% in the first quarter.
The company, which is due to report full first-quarter results on Jan. 29, said its adjusted earnings before interest and tax fell to 121 million euros from 136 million euros in the period, representing a margin of 5.3%.
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