October 22, 2020

Siemens Gamesa withdraws its earnings forecasts for the covid-19



Siemens Gamesa has decided to withdraw its forecasts of results for 2020 due to the uncertainty associated with covid-19, which increases the challenges in India and northern Europe, the company has reported, which in January revised downward its financial guidelines by cost overruns on projects in Norway.

In a statement to the stock exchange supervisor, Siemens Gamesa considers that, given the rapidity with which the pandemic evolves, the uncertainty regarding its duration and depth, and that in some countries it has forced the closure of factories, it cannot make forecasts or quantify with Reasonably precise the impact of the pandemic and considers it prudent to withdraw its guidelines for the 2020 exercise

The wind turbine manufacturer has explained that during the second quarter of its fiscal year (January to March), the covid-19 has worsened its situation in India, where the slowdown in the market has accelerated, and northern Europe, where It has complicated the execution of the portfolio.

At the moment, the business most affected would be “onshore” (onshore wind) due to problems in the supply chain, while operations in “offshore” (offshore wind) and Services “could suffer some disruption in the coming months, although at the moment it is expected to be significantly lower. “

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