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Siemens Gamesa confirms gloomy profit outlook and Q1 loss -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A wind turbine model with the Siemens Gamesa logo was displayed at the Zamudio annual general shareholders meeting, Spain on June 20, 2017. REUTERS/Vincent West/

MADRID (Reuters – The wind turbine maker Siemens Gamesa said on Thursday that it has a gloomy outlook regarding a possible negative full year profit margin. It did this hours after naming a new chief executive to help the company’s fortunes.

The biggest maker of offshore turbines worldwide, the one that can reduce dependence on global warming carbon, has reported an operating loss of 309M euros (£349M) in its first quarter. This is due to supply chain disruptions and high costs.

According to the firm’s most optimistic forecasts, its core profit margin will reach 1% in this year.

($1 = 0.8852 euros)

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