Siemens Gamesa reports €434M 1Q24 loss, less than previous year's €823M, partly due to onshore quality issues and offshore costs.

Siemens Gamesa, a turbine manufacturer, reported a €434 million loss in its fiscal first quarter of 2024, which is an improvement compared to the same period in 2023 when it recorded a €823 million loss. The parent company, Siemens Energy, highlighted that the loss was driven by project margins affected by higher planned costs due to known quality issues in its onshore unit, as well as increased product costs and offshore ramp-up challenges. Offshore and service orders saw significant increases, but onshore orders were cut in half due to temporary factors.

February 07, 2024
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