Siemens Gamesa Slumps On Lowering Fiscal Guidance
By Dhirendra Tripathi
Investing.com – Siemens Gamesa (MC:SGREN) stock plunged 14% Thursday in Madrid as the company lowered its guidance for the ongoing fiscal year.
The world's biggest maker of offshore wind turbines blamed a sharp increase in raw material prices and higher estimates of ramp-up costs for the more efficient turbines under its 5.X platform, especially in Brazil.
“The impact of these elements has been exacerbated by the pandemic, especially in countries like Brazil where we face supply chain shortfalls and execution-related bottlenecks,” the company said in a note.
The company now expects group revenue for fiscal 2021 at the lower end of the 10.2 billion euro-10.5 billion euro ($12.0 billion-$12.4 billion) range it had given on April 30 when it declared its second-quarter earnings.
The company also said it expects its operating margin before interest and taxes to be between 0% and -1% this fiscal year, from an earlier estimate of 3%-5%.
The company pegged the preliminary numbers for its third quarter revenue at 2.7 billion euro. The final numbers will be released on July 30, the note said.
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Siemens Gamesa Slumps On Lowering Fiscal Guidance
