Gamesa CEO Ignacio Martín attributed the result mainly to Gamesa's austerity restructuring plan 2013-2015, together with increased focus on its operation and maintenance (O&M) division, which was behind 16% of sales, an 18% increase on the first half of 2012.
In all, Gamesa brought home €66 million in earnings before interest and taxes (EBIT), 376.2% up. EBIT margin finished the period at 5.9%, against 0.9% the year before.
Gamesa share value on Madrid's stock exchange opened 7.83% up this morning from close of session yesterday, which was before results were announced.
Market observers also praised the company. Gamesa "has done a great job meeting [its] plan, particularly as Europe’s growth in renewables slows and the regulatory situation in Spain remains so volatile," Peter Sweatman of renewables consultants Climate Strategy told “uåX˜äŠÊ˜·³Ç.
Still, Gamesa's capacity sales of 950MW, bringing in €1.12 billion, were down 16% and 26.4% against first half 2012, respectively.
Martín attributed the downturn mainly to a slump in US activity and China's growing preference for local turbine suppliers. Gamesa achieved 4% and 5% of first-half 2013 sales in those countries, respectively, against 25% and 5% the previous year.
.png)
.png)
