Its offshore wind order intake of 1,279MW in Q1 2020 dwarfed the 12MW of orders recorded a year ago, while its backlog grew 95.7% year on year to 3,343MW, boosted by increased activity in Asia Pacific.
Meanwhile, its 鈧1.47 billion of service orders between October and December 2019 was a record-high for the manufacturer, with the segment now accounting for 46% of the manufacturer鈥檚 total order book鈥檚 value.
It recorded a more modest聽8.1% increase in its onshore order intake in Q1 2020, logging 2.56GW of orders, with 44% of these being for turbines with power ratings above 4MW.
These increases pushed the manufacturer's total order聽backlog to a record-high 鈧28.1 billion by the end of Q1 2020.
However, Siemens Gamesa鈥檚 increased order intake did not translate into an increase in revenue or earnings, with previously announced project delays hitting the company鈥檚 profits.
The manufacturer reported first-quarter revenue of 鈧2 billion, down 12% year on year, and 鈧136 million loss of earnings, down from a 鈧138 million profit.
Both of these metrics were blamed on the early arrival of winter weather preventing the manufacturer from carrying out installations at five wind farms in northern Europe.
Siemens Gamesa鈥檚 CEO Markus Tacke described this as a 鈥渙ne-off impact鈥 that the company does not expect to recur in the future.聽
鈥淭he company's financial performance fell short of the expectations we had when we set our targets for the year," Tacke said.
However, he remained positive for the company's future growth.
In a conference call, he told reporters that Siemens Gamesa would 鈥渟trengthen our risk management to ensure that we are in good positions with all our projects around the world鈥 following the project delays in northern Europe, but would not provide further details.
Senvion boost
Siemens Gamesa鈥檚 acquisition of strategic assets from Senvion 鈥 announced in October 2019 and completed in January 2020 鈥 would further boost the manufacturer鈥檚 service business, Tacke added.聽
鈥淪envion鈥檚 service business has been an attractive business, with profitability somewhat in line with that of our own service business.
鈥淚t expands our backlog with 9GW of additional contracts in markets that are relevant for us.
鈥淎t the same time, it helps to build our competences for fleets not designed or manufactured by Siemens Gamesa," said Tacke.聽
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