Siemens Gamesa: shares fall by over 12% after profit miss
(CercleFinance.com) - Siemens Gamesa shares fell sharply on Tuesday, after the world's number two maker of wind turbines missed earnings forecasts in the past quarter, while reporting lower margins.
While Siemens Gamesa's third-quarter sales rose by 21% to to 2.6 billion euros, adjusted EBIT grew by just 1.9% to 159 million euros, due to persistently lower prices, emerging market volatility and execution challenges in some onshore projects.
In comparison, the consensus was expecting revenue of 2.5 billion euros on EBIT of 168 million euros, according to the company's estimates.
In another disappointment, its margin fell by 1.3 basis point over the quarter, to 6.1%, compared to a consensus of 6.7%.
Although Siemens Gamesa said performance was "in line" with its 2019 guidance, its shares were down 12.6% at 15.5 euros on Tuesday morning, the biggest faller on Madrid's bluechip IBEX index.
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