quote:Foxnews.com
Global green energy company Siemens Gamesa reported Thursday that it had lost a staggering $967 million during the three-month period from between October to December.
The Germany-based company, which dubs itself as "the global leader in offshore power generation," noted the wind industry has faced various unfavorable pressures leading to negative growth in recent months and years, in its earnings report for the first quarter of fiscal year 2023 released Thursday morning. The company added that governments would need to further assist the industry to ensure future positive growth.
"The negative development in our service business underscores that we have much work ahead of us to stabilize our business and return to profitability," Siemens Gamesa CEO Jochen Eickholt said in a statement.
ROSAL
FOAD?quote:The company added that governments would need to further assist the industry to ensure future positive growth.
quote:Siemens Gamesa Needs Time to Fix Fleet Component Failures, CEO Says
Published: Jan. 20, 2023 at 4:58 a.m. ET
y Giulia Petroni
Siemens Gamesa Renewable Energy SA said Friday that it will take time to work through component failures of the company's installed fleet, but expects the long-term industry outlook to improve.
On an analyst call, Chief Executive Jochen Eickholt said failures are affecting components of different turbine platforms onshore and offshore, which could take up to eight years to work through. During this time, warranty claims are expected to have a negative impact on cash flow, in the mid-double-digit million range in the current fiscal year, he said.
Late Thursday, the Spanish wind-turbine maker reported a loss before interest and taxes of EUR760 million for the fiscal first quarter, saying it booked charges of EUR472 million due to faulty components that led to higher warranty and service maintenance costs.
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